USDA released its monthly cattle on feed report today showing a total inventory of cattle and calves in feed yards of 11.9 million head on 1 November, which is slightly (25,000 head) below last year.
All categories were well aligned with the pre-report expectations - another sign that cattle markets are back in balance, except that there was a wide range of placement guesstimates, from 99 percent to 105 percent of last year. With the average guess at 102 percent, however, it’s clear there was a consensus around placements. As we’ve noted before, the pre-report estimate is based on the Olympic average (i.e., eliminating the high and the low before calculating the average) of the various analysts’ forecasts. The ave...
What You Need to Know Today: The corn and soybean markets closed slightly higher in low-volume trade. The wheat market was mixed, with HRW continuing its downward trek on improved moisture. As expected, the bearish cattle on feed report drove down cattle prices and pulled hogs down with it. Mi...
Monday, 25 May is a U.S. holiday, and both the markets and our office will be closed. Please note that the next issue of Ag Perspectives will be published on Tuesday, 26 May. The WPI staff wishes everyone a safe and enjoyable holiday weekend...
USDA’s monthly cattle on feed report was released today. The total number of cattle on feed in feedlots with 1,000 head or more capacity amounted to 11.6 million head, 102 percent of last year. Source: USDA, WPI Placements were up, but part of that is attributable to persistent drought c...
