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: After a period of limited activity, USDA reported a sizeable 613 KMT in soybean export sales, including 330 KMT to China and 283 KMT to unknown destinations, potentially also China. The purchases represent a meaningful pickup in demand and bring China closer to ful...
Key Takeaways: Consumer spending is a key driver of the U.S. economy, and the latest retail sales data indicate that spending remains robust despite inflation. In September, total retail and food service sales rose more than 6 percent year-over-year, with food service spending up 7 percent and...
The Trump import plan for 300,000 MT of beef supplies used for ground beef, i.e., lean trim, from September through November has, according to Secretary Brooke Rollins, brought some relief to beef prices. The Executive Order states that the Secretary of Agriculture will analyze and review the m...
