USDA released its Cattle on Feed report today. The inventory of cattle in feedlots with a capacity of 1,000 head or more was 11,671,000 head, down only slightly from the 11,728,000 head on 1 June 2019 – which was a record for the June inventory.
In all, the report was decidely on the bearish side of the pre-report expectations, with inventory about 60,000 head above expectations, but still the second largest total for June since record keeping began in 1996. Marketings were below expectations and placements were above pre-report estimates. Live and feeder cattle futures dropped across the board. May marketings were the weak link, falling way behind current numbers, at 12.9 percent of the total inventory on feed. This was not surpr...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
