USDA released its Cattle on Feed report today, which was mostly in-line with expectations. The inventory of cattle in feedlots with a capacity of 1,000 head or more was 11.7 million head, just slightly larger than in June 2020. That total is the sixth consecutive month with the on-feed inventory coming in as the second highest ever.
Average daily marketings were 89,048 in May, compared to 88,901 in April; May has 21 workdays (compared to May 2020) and April had 22 wor days. Marketings as a percent of cattle on feed inventory in May were 16 percent, slightly lesss current than April at 16.5 percent. The big bump in marketings reflects the COVID-restricting processing space. Placements were the most friendly number to prices,...
Key Takeaways: The CME Group is launching new 90 percent Lean Beef and 50 percent Lean Beef futures and options contracts in July. There are five key factors that must be present in physical markets and futures contract specifications for futures contracts to become successful. The two l...
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...
