USDA released its monthly Cattle on Feed report today showing a total inventory of cattle and calves in feed yards of 11.6 million head on 1 October. That was in-line with pre-report expectations and is the second highest October inventory on record – last year was the highest. Marketings were in line with pre-report estimates as well.
However, the report also contained some bullish news – placements were lower than expected. The pre-report estimate is based on the Olympic average (i.e., eliminating the high and the low before calculating the average) of the various analysts’ forecasts. The range of estimates was wide, with 104 percent on the top end, and 98 percent on the low end. There was a plausible case to be made...
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...
