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 August to be 100 percent of last year. July placements and marketing are expected to be 104 and 108 percent respectively of last year’s totals.
The estimate for placements reflects not so much a large, anticipated number of cattle put into feed yards last month, but the low level placed in July 2023. A better gauge is to look at actual head placed in July historically. July 2023 saw the lowest placements since 2016 and the estimate for 2024 is 95 percent of 2022 and 98.5 percent of the 2021-2023 three-year average.
Placements last July were 92 percent of the year before, but...
What You Need to Know Today: Markets got a surprise with a corn yield of 181.2 bushels/acre in the October WASDE, above the average estimate of 177.6 bushels/acre and up from USDA’s September estimate of 178.5 bushels/acre. Although stronger demand is expected to absorb some of the addit...
Key Takeaways: On Friday afternoon, President Trump announced that Russia will “immediately supply over 300,000 Tons of Diesel Fuel” to the United States. The deal, typical of this administration, is light on details but promises an additional 500,000 tons in November and 1 m...
The USDA has lowered its 2026 red meat production forecasts slightly while forecasting a slight increase in broiler production. Beef is now projected at 24.802 billion pounds, 75 million pounds less than in September. Cow slaughter is expected to be up; however, this will be offset by lower ste...
