USDA released the monthly Cattle on Feed report today. Placements were the only category off from the consensus expectation. The range of estimates was a low of 95 percent to a high of 102.4 percent. Actual placements were 104 percent of May 2022.
For the year, January through May, placements are down only 238,000 head and are 97.5 percent of last year. Placements last month were the highest for May since 2019 and well above 2014 and 2015 at similar low points in the cattle cycle.
As WPI noted yesterday, imports from Mexico and Canada are up this year, which looking at the state level data, certainly is a contributing factor. Placements were up in Texas, Oklahoma, Arizona, and Kansas over last month in the Southern Plains,...
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...
