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 100 percent of September 2021. The range of analysts’ guesses were tight; from 99 percent to 100.5 percent of a year ago. The implied inventory of cattle on feed from the average forecast would be 11.2 million head, the same as last month.
The potential mystery in tomorrow's report could be placements. The range of estimates is wide – from 93 percent to 101 percent of last year. Note the reported average expectation is an Olympic average of the analysts' estimates – throwing out the high and the low before calculating the average. The average estimate is 98.5 per...
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...
