USDA will release its monthly Cattle on Feed report tomorrow. Pre-report estimates from the industry peg the total number of cattle on feed as of 1 March at 101.5 percent of March 2020. The range of estimates was very tight, between 101 percent and 102 percent.
Placements from February are expected to be 98 percent of last year. No doubt the weather mid-month had an impact on placements. As we reported on 25 February, cold weather, snow and ice drove feeder and stocker auctions down to 77,600 head. Auctions in the southern plans were sparse, including no sales in Texas and very light volumes in Oklahoma and Missouri. Add to that the price of corn and we expect some placements were delayed to gain more weight on pasture. Then...
What You Need to Know Today: President Trump claimed the ceasefire between the U.S. and Iran was over, as both sides accused one another of violating the terms of the agreement. Commercial vessels are increasingly steering clear of the Strait of Hormuz as security risks escalate following Iran...
Key Takeaways: The CME Group is launching new 90 percent Lean Beef and 50 percent Lean Beef futures and options contracts in July. There are five key factors that must be present in physical markets and futures contract specifications for futures contracts to become successful. The two l...
