USDA released its cattle on feed report today and as expected marketings were at an historic low (since records began in 1996) at 1.46 million head. Placements were the second lowest total for the month on record. Total inventory was down to 11.2 million head compared to 11.3 million head on 1 April and the second month in a row with inventory at 95 percent of the same month in 2019.
The average daily marketing of cattle was 66,318 head, based on 22 workdays in the month (the same as March when the daily marketing average was 91,365 head). Marketings for the month were 13 percent of the total in inventory on feed, compared to 18 percent in March and 15 percent in February.
Not surprisingly the biggest percentage jumps in placeme...
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...