USDA released the monthly Cattle on Feed report on Friday; the total inventory of cattle on feed in feedlots of 1,000 head or more capacity was 11.9 million head. Following is a summary and breakdown of today’s report.
Placements in October were 104 percent of last year, below the pre-report consensus estimate. As WPI noted last week, October typically sees the highest placements of the year after calves come off grass. However, this year, with a surprisingly large volume of placements in September at 2.21 million head, the October placements were about 50,000 head fewer. Over the past 10 years, the average increase in October placements compared to September has been about 10 percent; this year October placements were about 2.25 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...