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 May was 11.6 million, or 97 percent of May 2022, in line with expectations. That total matched the 1 April inventory. This is the eighth consecutive month where on-feed inventories are lower than year-ago levels.
For the second month in a row, placements came in above expectations; this month the analysts’ consensus guess was 94 percent with placements at 96 percent of last year. Last month the consensus pre-report estimate was placements would drop to 95 percent of last year, but actual placements were 99 percent of the prior year.
Placements and marketings are in somewhat of...
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...
