USDA will release its Cattle on Feed report tomorrow; analysts’ pre-report estimates peg the total number of cattle on feed as of 1 March at 96 percent of March 2022. Last March was the largest on-feed inventory for March on record.
All of the analysts’ forecasts were between 94 and 96 percent. Marketings reflect the slaughter totals in February, so the range is tight. The biggest question, as usual, is about placements.
Matt Herrington wrote yesterday about how the “recent macroeconomic jitters are fueling concern that beef and broader meat demand may start to fail if a recession develops in 2023.” Boxed beef prices have started to soften. Of course, tomorrow’s repor...
What You Need to Know Today: The hot, dry weather forecast continues to drive strength in grain futures with corn and soybeans hitting another day of strong gains. Monday’s Crop Progress and Conditions data were in line with market expectations and showed relatively few concerns for the...
Yesterday we wrote about the Q1 GDP numbers and the June employment reports in an article entitled Real GDP for Q1 Relying on AI Buildout, Held Back by Consumer Spending. That article mentioned that consumer spending had become a drag on GDP. Nonetheless, real GDP in Q1 was revised upward to 2...
Key Takeaways: The Middle East and North Africa's arid climate and limited water resources have created a structural dependence on imported wheat. Government wheat tenders in major importing countries serve as important benchmarks for global trade, providing insight into exporter competitivene...
