USDA released the monthly Cattle on Feed report today. Placements were the only category off from the consensus expectation. The range of estimates was a low of 95 percent to a high of 102.4 percent. Actual placements were 104 percent of May 2022.
For the year, January through May, placements are down only 238,000 head and are 97.5 percent of last year. Placements last month were the highest for May since 2019 and well above 2014 and 2015 at similar low points in the cattle cycle.
As WPI noted yesterday, imports from Mexico and Canada are up this year, which looking at the state level data, certainly is a contributing factor. Placements were up in Texas, Oklahoma, Arizona, and Kansas over last month in the Southern Plains,...
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...
