As we reported Monday, the USDA Cattle on Feed report showed its first drop in on-feed inventory for the year. Yesterday’s quarterly livestock data from USDA also showed a drop in feeder cattle outside feedlots. The total of calves weighing less than 500 pounds, steers weighing 500 pounds or more, and non-replacement heifers weighing 500 pounds or more make up that inventory of feeders outside of the feedlots. Total feeders outside feedyards, at 28.637 million, are at about 97 percent of October 2021. That’s made for a bullish market. Last week, negotiated fed cattle prices were $150/cwt, the average for the month (through last week) has been $147/cwt. Yesterday, prices were $151/cwt.
Last week’s slaughter was...
What You Need to Know Today: The hot, dry weather forecast continues to drive strength in grain futures with corn and soybeans hitting another day of strong gains. Monday’s Crop Progress and Conditions data were in line with market expectations and showed relatively few concerns for the...
Yesterday we wrote about the Q1 GDP numbers and the June employment reports in an article entitled Real GDP for Q1 Relying on AI Buildout, Held Back by Consumer Spending. That article mentioned that consumer spending had become a drag on GDP. Nonetheless, real GDP in Q1 was revised upward to 2...
Key Takeaways: The Middle East and North Africa's arid climate and limited water resources have created a structural dependence on imported wheat. Government wheat tenders in major importing countries serve as important benchmarks for global trade, providing insight into exporter competitivene...
