USDA’s monthly Cattle on Feed report was released today. Total cattle on feed amounted to 11.7 million head, 98 percent of last year.
Placements were the lowest for the month of November since the series began in 1996, dropping 11 percent on the year due to a tight cattle supply. Placements weighing less than 700 pounds were 50.8 percent of the total volume placed on feed, compared to 50.9 percent last year. The continued suspension of cattle trade with Mexico remains a significant factor. Cattle placed on feed in Texas in November were down 30 percent. It would not be surprising if placements in Texas are down 600,000 to 700,000 head versus a year ago, which would account for roughly half of the total declin...
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...
