USDA released its Cattle Inventory report today. The total inventory of all cattle and calves as of 1 January is 91.1 million head; that compares to 93.8 million head, or 98 percent, of the cattle inventory on 1 January 2021. Most categories came in a little below pre-report expectations.
A key takeaway: there were more cattle on feed and fewer feeder cattle outside feedlots on 1 January compared to January 2021. For feedlots of 1,000 head or more capacity, December placements were a record at 1.96 million head, and the January inventory of 12 million was the second highest on record; those larger feed yards were 81.9 percent of the total number of cattle on feed as of 1 January, which was up slightly from 2021 at 14.7 million hea...
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...
