USDA will release its Cattle on Feed report tomorrow; the consensus pre-report analysts’ estimate is for the inventory of cattle on feed as of 1 June to be 99 percent of last year. May placements and marketing are expected to be 98 and 100 percent respectively of last year’s totals.
May placements at 98 percent of last year represents somewhat of a rebound; April placements were 94 percent of 2023 and March placements were just 88 percent of the year prior total. Year to date, total placements (assuming the average pre-report estimate for May) are 9.02 million head, about 351,000 head less, or 96 percent of the 2023 five-month total of 9.371 million head. Notably, imports from Mexico and Canada are both ahead of last ye...
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...
