USDA will release its Cattle on Feed report tomorrow and the consensus pre-report analysts’ estimate is for the inventory of cattle on feed to be 100 percent of the prior year. If correct, this would be the fifth consecutive month that inventories were equal to or larger than the previous year. From September 2022 through October 2023, feedlot inventories were consistently below year ago levels.
The analysts’ pre-report estimates have marketings at 100 percent of last year and placements down to 88 percent of last year.
If the consensus average estimate for placements is correct, it would be the lowest January placement level since 2007. If placements come in near the low end of the range, they would be only sl...
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...