Yesterday, USDA released the regulation for the Cattle Contract Library pilot program, a provision that was included in the 2022 appropriations bill which Congress passed in March. That legislation directed USDA to create a cattle contract library similar to the swine contract library established in 2003. Under the library, USDA will collect and report contract terms - not entire contracts. The contract provisions to be collected, and therefore submitted by packers, include:
Whether the contract is written or oral Start and end dates Base price source (livestock reporting prices, negotiated price, futures, beef cutout, etc.) Selling basis (live, carcass) Delivery terms Premiums and discounts Carcass and cattle at...
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...
