USDA released its monthly Cattle on Feed (COF) report this afternoon, which was bullish as expected. The total inventory in feedlots with capacity of 1,000 head or larger was 11.1 million head, the 32nd consecutive month of year-over-year increases and the largest total for 1 August since the series began in 1996. However, the rate of growth slowed dramatically. The 1 August inventory on feed was only slightly higher than August 2018.
The table above shows a big jump in July marketings, partly due to an extra day in that month versus a year ago. Nonetheless, average daily marketings totaled 86,857 head based on 23 slaughter days (excluding Saturdays) against 85,000 head in July 2018. The pace of July marketing picked up to 18 percent of...
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...
