USDA will release its Cattle on Feed report tomorrow; analysts’ pre-report estimates peg the total number of cattle on feed as of 1 August at 98.4 percent of August 2022. This would be the 10th consecutive month where on-feed inventories are lower than prior year levels, stretching back to late 2022.
Placements during July for the 1 August inventory are forecast to be 94.5 percent of last year and the only category to have a range of more than one percentage point. July is typically a low point for cattle placements, but the pre-report estimate would be the lowest for the month in six years. Note placements have surprised to the upside of the pre-report analysts’ consensus estimates for the past four consecutive months. Given...
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...
