USDA released the monthly Cattle on Feed report today. Total inventory, placements and marketings all came in lower than the pre-report estimates, though total inventory was at the same volume or higher than last year for the seventh consecutive month.
Placements came in well below the average pre-report consensus estimate. As WPI previewed yesterday, it’s cheaper to feed out cattle to heavier weights than it is to buy expensive feeder cattle. Plus, February saw a record number of placements for the month and feeder cattle supplies remain tight. As WPI noted on 22 March, for the March COF analysis: Looking ahead, next month’s report will show a drop in month-over-month marketings as there have been about four weeks of slaug...
What You Need to Know Today: The hot, dry weather forecast continues to drive strength in grain futures with corn and soybeans hitting another day of strong gains. Monday’s Crop Progress and Conditions data were in line with market expectations and showed relatively few concerns for the...
Yesterday we wrote about the Q1 GDP numbers and the June employment reports in an article entitled Real GDP for Q1 Relying on AI Buildout, Held Back by Consumer Spending. That article mentioned that consumer spending had become a drag on GDP. Nonetheless, real GDP in Q1 was revised upward to 2...
Key Takeaways: The Middle East and North Africa's arid climate and limited water resources have created a structural dependence on imported wheat. Government wheat tenders in major importing countries serve as important benchmarks for global trade, providing insight into exporter competitivene...
