USDA will release its Cattle on Feed report tomorrow; analysts’ pre-report estimates peg the total number of cattle on feed as of 1 November at 101.9 percent of November 2022. If accurate, this would be the second month in a row where inventories were higher than the year prior, after 11 consecutive months with on-feed inventories lower than prior year levels, stretching back to late 2022.
Placements during October for the 1 November inventory are forecast to be 106.1 percent of last year, again the second month of a big increase over last year. Placements in September were 2.21 million head, also 106 percent of the year before, however October typically sees the highest placements of the year after calves come off grass.
For th...
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...
