USDA released its monthly Cattle on Feed report today; the inventory of cattle and calves on feed was 12.2 million, right in line with expectations, and as WPI mentioned yesterday, a record for the month of February.
Average daily marketings were 88,650 in January based on 20 work days (one more than in 2021) when marketings were 96,200. December 2021 average daily marketings were 84,409 based on 22 workdays. Marketings as a percent of cattle on feed inventory in January stayed below current at 14.5 percent – that compares to 15.1 percent last January, 15.4 percent in December and 15.6 percent in November. In a nutshell, there are more cattle on feed despite a shrinking overall herd. Based on t...
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...
