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: Markets got a surprise with a corn yield of 181.2 bushels/acre in the October WASDE, above the average estimate of 177.6 bushels/acre and up from USDA’s September estimate of 178.5 bushels/acre. Although stronger demand is expected to absorb some of the addit...
Key Takeaways: On Friday afternoon, President Trump announced that Russia will “immediately supply over 300,000 Tons of Diesel Fuel” to the United States. The deal, typical of this administration, is light on details but promises an additional 500,000 tons in November and 1 m...
The USDA has lowered its 2026 red meat production forecasts slightly while forecasting a slight increase in broiler production. Beef is now projected at 24.802 billion pounds, 75 million pounds less than in September. Cow slaughter is expected to be up; however, this will be offset by lower ste...
