USDA released the monthly Cattle on Feed report on Friday with placements in January, the most difficult category to predict and the only category to differ significantly from the pre-report expectations, coming in near the high point of the range of estimates.
Also, total inventory – which was the fourth highest for February – was slightly higher (43,000 head) than a year ago, and marketings were slightly lower (2,000 head) than a year ago. The report did place some pressure on futures, which opened lower on Monday morning. With January placements above expectations – after coming in right at the pre-report estimate in December – the market is back in the pattern of the LH 2023. During that period, p...
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...
