USDA released its monthly Cattle on Feed report on Friday; the inventory of cattle and calves on feed was 11.4 million, or 99 percent of October 2021.
This is the first month of 2022 where on-feed inventories are lower than year ago levels, though the inventory was still historically strong.
Total inventory included 6.9 million steers and steer calves, which was 98 percent of last year, and 4.55 million heifers and heifer calves, which was 101 percent of last year. Heifers and heifer calves were 40 percent of the total cattle on feed, which is the largest volume for October since 2001. The increase was in the southwest, with Texas (up 140,000) and Arizona (up 5,000, an increase of 100 percent) driving the increase.&n...
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...
