USDA’s monthly cattle on feed report for March will be released tomorrow. Analysts’ pre-report consensus estimates are for the total inventory on feed to be 99.3 percent of last year. Those estimates imply an on-feed inventory of 11.5 million head.
The pre-report estimates were split on placements. There were some estimates of placements coming in below last year. The consensus estimate for placements was 100.3 percent of last year, which would imply a total of 1,559,000 head. That estimate comes from a very wide range of guesses, from 4.7 percent lower than last year at 96.3 percent to 5 percent higher at 105 percent. Last February, there was a particularly low number of placements at 1.554 million head, which was down 3...
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...
