USDA released its monthly cattle on feed report today; the inventory of cattle and calves on feed on feedlots with 1,000 head capacity or more on 1 June was 11.6 million, or 97 percent of June 2022, in line with expectations. That total matched the 1 May and 1 April inventory. This is now the ninth consecutive month where on-feed inventories are lower than year-ago levels.
And on the topics of streaks, for the third month in a row, placements came in above expectations; actual placements were 105 percent of last year with a pre-report consensus expectation of 102 percent.
When it comes to analysts’ forecasts on placement, that is always the category with the most variance as marketings follow slaughter. Heifer slaugh...
The U.S.-Mexico-Canada Agreement (USMCA) enters its mandated six-year review on 1 July. The original intent of the review is outlined in Article 34.7, which obligates members to: Provide recommendations and decide on appropriate actions. Extend the USMCA for another 16 years and meet aga...
Key Market Insights Geopolitical Limbo: Geopolitical risk remained a key driver across global commodity markets today. President Trump stated that the Iran memorandum of understanding is not yet final and warned that military action could resume if negotiations fail. Both sides continue w...
