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: 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...
