Last week USDA released its Cattle on Feed report; inventory was 95 percent of April 2022, which was the highest total on record for the month of April, but the 1 April 2023 total on-feed inventory was the lowest since 2017. As WPI noted last week, strong marketing numbers at 99 percent of last year, as expected, prevented the report from being bearish from the much larger than anticipated placements and somewhat higher inventories compared to expectations. However, the report did put a lid on the recent rally in fed cattle prices.
The record high cattle prices in 2014 and 2015 incentivized rapid herd expansion among producers.
Another USDA report issued last week, however, shows that any herd rebuilding this year i...
What You Need to Know Today: There has already been a strong run of flash soybean sales announcements in recent weeks, but more than 1.4 MMT reported this morning is an exceptionally large single-day total with major implications for the market. If the sales to China and unknown destinations w...
On Friday, at 6:57 AM, President Donald Trump announced, via a social media post, a 90-day window during which up to 300,000 metric tons of product for ground beef could be imported outside of tariff-rate quotas—a move aimed at bringing down costs for American consumers. This is the secon...
