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: 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...
