USDA will release its Cattle on Feed report tomorrow and it could be a record. Analysts’ pre-report estimates peg the total number of cattle on feed as of 1 February at 100.7 percent of a year ago, which was the second highest February inventory. The range of estimates was between 101.1 and 101.7 percent. The implied inventory of cattle on feed would be 12.18 million head.
Marketings in January are expected to be 97.1 percent of last year. There was one more day in January 2022 at 20 than in 2021, so the pace of average daily marketings was slow. But it is worth noting that the slaughter rate in February has picked up markedly, implying plants are back to having worked through supply chain and labor constraints. Average...
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...