USDA released the monthly Cattle on Feed report today. Total inventory and marketings were as expected, but placements were up above the pre-report consensus.
For context, all the projected ranges of estimates for today’s report were relatively tight – the consensus total inventory on feed was estimated to be between 99 and 100 percent of last year and marketings were expected to be between 108 and 109 percent of last year. Even the most difficult to predict category, placements, was in a relatively tight range of 102 to 105 percent. Recall, the consensus estimate comes from an Olympic average – eliminating the high and the low among the analyst’s forecast. Placements actually came in above the highes...
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...
