USDA released the monthly Cattle on Feed report on Friday with placements in January, the most difficult category to predict and the only category to differ significantly from the pre-report expectations, coming in near the high point of the range of estimates.
Also, total inventory – which was the fourth highest for February – was slightly higher (43,000 head) than a year ago, and marketings were slightly lower (2,000 head) than a year ago. The report did place some pressure on futures, which opened lower on Monday morning. With January placements above expectations – after coming in right at the pre-report estimate in December – the market is back in the pattern of the LH 2023. During that period, p...
What You Need to Know Today: The corn and soybean markets closed slightly higher in low-volume trade. The wheat market was mixed, with HRW continuing its downward trek on improved moisture. As expected, the bearish cattle on feed report drove down cattle prices and pulled hogs down with it. Mi...
Monday, 25 May is a U.S. holiday, and both the markets and our office will be closed. Please note that the next issue of Ag Perspectives will be published on Tuesday, 26 May. The WPI staff wishes everyone a safe and enjoyable holiday weekend...
USDA’s monthly cattle on feed report was released today. The total number of cattle on feed in feedlots with 1,000 head or more capacity amounted to 11.6 million head, 102 percent of last year. Source: USDA, WPI Placements were up, but part of that is attributable to persistent drought c...
