The cattle on feed (COF) inventory as of 1 September was a record for the month at 11.1 million head, which was also the fourth time in a row that the inventory set a new monthly record.
The report was right in line with pre-report expectations. The distribution of placements by weight class is noted down below; drought conditions and low feed costs catalyzed the increase among the lighter weight categories.
Overall, the report is bearish. Given the distribution of placements by weight (see above), that pressure will extend to out contracts (i.e., December and February). Adding slightly more pressure, total pounds of beef in cold storage were up 8 percent on the month and 12 percent from last year. Total red meat in freezers was up 3...
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...
