USDA released its monthly Cattle on Feed report today; the inventory of cattle and calves on feed was 11.2 million, 101 percent above August 2021, and in line with expectations. Placements in July were up well above expectations – the consensus forecast was 99 percent of last year, and the highest forecast was 101 percent, below the actual. Marketings came in below forecasts, adding a bearish tone to the report.
This is the second highest total on feed for August on record making 2022 a big year for inventory in feed lots.
The average daily marketings in July were 86,905 based on 21 days, just slightly below June at 87,000 based on 22 slaughter days, and up from July 2021 at 86,318 based on 22 days. Marketings...
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...
