Tomorrow, USDA will release two important reports: the monthly Cattle on Feed Report and the quarterly Hogs and Pigs Inventory. Analysts’ pre-report estimates peg the total number of cattle on feed as of 1 September at 98 percent of a year ago. The range of estimates was between 97.2 and 98.7 percent. The implied inventory of cattle on feed would be 11.2 million head. WPI’s own estimate is lighter at 11.06 million head, or 97 percent of last year.
The 1 September inventory in 2020 was the largest on record given the COVID backlog of slaughter capacity earlier in the year. Seasonally, September is the low point for cattle on feed inventories; the number of cattle in feed yards starts to increase in Q4, with...
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...
