USDA released the monthly Cattle on Feed report on Friday; the total inventory of cattle on feed in feedlots of 1,000 head or more capacity was 11.9 million head. Following is a summary and breakdown of today’s report.
Placements in October were 104 percent of last year, below the pre-report consensus estimate. As WPI noted last week, October typically sees the highest placements of the year after calves come off grass. However, this year, with a surprisingly large volume of placements in September at 2.21 million head, the October placements were about 50,000 head fewer. Over the past 10 years, the average increase in October placements compared to September has been about 10 percent; this year October placements were about 2.25 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...