USDA will release its Cattle on Feed report tomorrow; analysts’ pre-report estimates peg the total number of cattle on feed as of 1 January at 96.8 percent of January 2022. Last January was the second highest January on record.
All the analysts’ forecasts were below 100 percent, with the highest at 97.4 percent. Estimates came in a tight range. This would be the fourth consecutive month where on-feed inventories are lower than year ago levels, evidence of the drought driven herd liquidation.
Placements were, as usual, the widest range with an average of 91.5 percent of a year ago. The final estimate eliminates the high and low and then is an average of the remaining estimates (i.e., an “Olympic&rdqu...
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...
