USDA released its Cattle on Feed report today; the inventory of cattle in feedlots with a capacity of 1,000 head or more was 11.3 head, that is 102 percent of 1 August 2019, and a record for the month of August.
The report was bearish compared to the pre-report expectations and shows the symptoms (as we previewed yesterday) of the backlog of the COVID-related plant slowdowns, and the expanding drought conditions. Marketings came in as expected, but inventory was about 61,000 head more than expectations and placements were 188,000 head more than last year and more than 85,000 head greater than expectations. The pre-report estimates on placements came in with a wide range - from 102 percent of last year on the low end to 109 percent...
What You Need to Know Today: Commodities were mostly lower across the board today after yesterday’s Federal Reserve meeting hinted at a potential interest rate hike later in 2026. The dollar index reached its highest level in over a year, and a strong dollar makes U.S. agricultural expor...
Tomorrow is the Juneteenth federal holiday, and the USDA, along with the rest of the federal government and the CME, will be closed, so the monthly Cattle on Feed report was released a day early. The total number of cattle on feed in feedlots with 1,000 head or more capacity on 1 June amounted...
