USDA released its monthly cattle on feed report; it was on the bearish side with record placements for December that were well above pre-report expectations and marketings 1 percent below pre-report forecasts falling below current.
Average daily marketings were 84,409 in December based on 22 workdays (23 weekdays and one holiday). December 2020 also had 22 days, and average daily marketings were 84,227. November 2020’s daily marketings averaged 85,136 (22 workdays) and October was 112,250 head (20 days).
Marketings as a percent of cattle on feed inventory in December slipped a bit further below current at 15.4 percent; that compares to November at 15.6 percent, despite the fact that cattle marketings were the highes...
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...
