USDA released the monthly Cattle on Feed report today; the total inventory of cattle on feed in feedlots of 1,000 head or more capacity was 11.6 million head. Following is a summary and breakdown of today’s report.
Placements, once again, surprised to the upside, at 106 percent of last year, higher than the largest analyst’s pre-report guess, which was 104.8 percent of last September. Another key telling point looking out to 2024 is that among the larger inventory on feed was a one percent increase in heifers versus last year. That’s a signal that herd liquidation has not hit a reversal point. Live cattle and feeder cattle contracts were down across the board. These are not normal times, however, and futur...
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...