Cattle prices in July were very near their 10-year (2011-2020) monthly average, but more interestingly, they have been rallying through the summer. Typically, prices are higher in Q1, then drop seasonally, until they pick back up in the fall. This year Q1 was still impacted by labor availability, a backlog of cattle and large on-feed inventories, and remaining COVID protocols and layouts. In short, the lingering COVID impact is waning.
Simultaneously, the cattle supply is downsizing, as we covered from the July Cattle on Feed report and the mid-year Cattle Inventory report from USDA last week. June placements in feedlots were lower and marketing of fed cattle to packers was higher working through some of the inventory. Cattle...
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...
