USDA released its Cattle on Feed report today. The inventory of cattle in feedlots with a capacity of 1,000 head or more was 12 million head, that is 101 percent of 1 November 2019 and below pre-report expectations. This is a record large 1 November inventory dating back to 1996 when records began. Placements were below even the low pre-report average. October 2019 was the second largest October placement level since 2011, so it its not surprising that this year would be lower, but placements dropped to the lowest level since 2016. Morever, given the strange year it has been, placements were also down from September, which is the first time that has happened in the last decade.
Per today’s report, net placements were 2...
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...
