USDA released the monthly Cattle on Feed report today; it was right in line with analysts’ pre-report consensus expectations making it neutral and an indication that the market is stabilizing. Following is a summary and breakdown of today’s report.
As we noted yesterday in the preview of the Cattle on Feed report, even though inventory was up from last year, it was down 81,000 head from last month. Placements were also down from last month and the lowest since July, which could be supportive of the feeder cattle market into the spring. Looking at inventory by state for states with more than 1 million head feedlot inventories shows Texas and Kansas up from year ago levels, and Colorado and Nebraska down.
Other signif...
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...
Key Takeaways: Drought remains a major threat to global agricultural production, particularly in regions with limited rainfall and growing water scarcity. Commercially available drought-tolerant traits in corn, soybeans, and wheat have generally delivered modest yield improvements, limiting th...
