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: Markets got a surprise with a corn yield of 181.2 bushels/acre in the October WASDE, above the average estimate of 177.6 bushels/acre and up from USDA’s September estimate of 178.5 bushels/acre. Although stronger demand is expected to absorb some of the addit...
Key Takeaways: On Friday afternoon, President Trump announced that Russia will “immediately supply over 300,000 Tons of Diesel Fuel” to the United States. The deal, typical of this administration, is light on details but promises an additional 500,000 tons in November and 1 m...
The USDA has lowered its 2026 red meat production forecasts slightly while forecasting a slight increase in broiler production. Beef is now projected at 24.802 billion pounds, 75 million pounds less than in September. Cow slaughter is expected to be up; however, this will be offset by lower ste...
