USDA released the monthly Cattle on Feed report today. The numbers came in very close to the pre-report expectations, making the report neural. Placements were the only category off from the consensus expectation, but only 1 percent higher than the estimate. The key point is the supply of feeder cattle remains tight, and placements are continuing to decline since the spike in February which was the result of poor weather in January which led to deferred placements.
A point of context for the fed cattle/feedlot situation, the large decline in cow slaughter this year has put a dent in the weekly slaughter totals. This week’s estimated slaughter at 607,000 was down 18,000 head (2.9 percent) from the same week last year, an...
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...
