USDA will release two key reports tomorrow: the semi-annual Cattle Inventory report and the 1 July Cattle on Feed report. Matt Herrington provided a detailed analysis yesterday of WPI’s model forecast for the on-feed inventory to be 98.6 percent of last year’s level; that compares to the Olympic average of the Dow Jones’ analyst survey at 97.6 percent of last year’s 1 July inventory on feed.
The analysts’ survey puts June placements at 98.1 percent of last year and marketings at 95.2 percent of last year. The ranges of estimates were relatively tight with the most variance in the placement category as typical.
As always, the forecast placements have the widest spread – the on...
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...
