USDA will release its monthly Cattle on Feed report tomorrow. Pre-report estimates from the industry peg the total number of cattle on feed as of 1 June at 99 percent of last year, which would be 11.6 million head. Of course, the accuracy of that prediction will be based on the marketings and placements in May.
Placements are expected to come in at 98 percent of May 2019, while marketings – or cattle sent to slaughter - not unexpectedly are expected to be down to 74 percent of last year given the packing plant disruptions.
Placements, however, are the real wildcard. The industry average pre-report estimates are based on an “Olympic average” of analysts polled (eliminating the high and the low) and the ran...
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...
