USDA will release its Cattle on Feed report tomorrow; the consensus pre-report analysts’ estimate is for the inventory of cattle on feed to be 102 percent of the prior year for the third consecutive month, and overall larger than the previous year for the fourth consecutive month.
The analysts’ pre-report estimates of total inventory were virtually unchanged from last month, but the range of forecasts for placements in December widened over the November predictions, but with the same average at 96 percent, which implies 1.7 million head. The forecast for marketings is 99 percent of last year, which would be 1.73 million head.
If the pre-report expectations are current, the on-feed inventory would be up from last year...
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...
