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: 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...
