USDA will release its Cattle on Feed report tomorrow; analysts’ pre-report estimates peg the total number of cattle on feed as of 1 September at 99.8 percent of October 2022.
Recall back on 5 October WPI reported, Recent hot dry weather in key cattle regions is expected to have increased September placements into feed yards; we’ll find out how much of an increase in about three weeks. Tomorrow is the big reveal but note in the chart below the range of estimates for placements – from 95.9 to 104.8 percent of last year. September placements are typically higher than August, which were 2 million head. The consensus expectation was 101.6 percent of last September which would come in at 2.11 million head,...
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...
