Tomorrow is the Juneteenth federal holiday, and the USDA, along with the rest of the federal government and the CME, will be closed, so the monthly Cattle on Feed report was released a day early. The total number of cattle on feed in feedlots with 1,000 head or more capacity on 1 June amounted to 11.7 million head, 102 percent of last year.
Placements were down 10 percent, missing the mark set by analysts’ pre-report estimates by a wide margin, and marketings were down 12 percent, coming in just under the pre-report estimate, but also at the second-lowest total for May since the series began in 1996. Yet, total inventory was up 2 percent based on the heavier weights to which cattle are being fed. The supply on feed is the highest it...
What You Need to Know Today: The G7 agreed to release 100 million barrels of crude oil and fuel reserves over four months, with a substantial diesel release front-loaded into the first 20 days. The announcement initially pushed crude oil lower on Friday, although it later recovered a portion o...
In a recent social media post, R-CALF unveiled its latest cattle market plan: “contracts that bind producers before establishing a base price, then tie that price to future negotiated cash transactions, should be prohibited.” That proposal aligns with recent legislation by Represent...
Key Takeaways: The recent pearl-clutching from parts of the beef industry regarding the loss of the daily Kansas fed cattle negotiated trade pricing report is overwrought and ignores the fact that the direction was readily apparent. The shift away from negotiated trade has been well docu...
