USDA’s monthly cattle on feed report will be released tomorrow. Analysts’ pre-report consensus estimates are for the total inventory on feed to be 98.8 percent of last year with the range of estimates between 98.1 and 99.4 percent of 1 June 2024.
Over the past six months, the average analyst estimates for total feedlot inventory has been just 0.1 percent below the actual USDA report. Faced with steep losses, beef packers significantly reduced slaughter rates in May and impacted the marketing numbers. Fed cattle slaughter in May was 10 percent lower than a year ago, with one fewer marketing day in May. Adjusting for the calendar, slaughter was still down 6.3 percent year-over-year. On the flip side, the s...
Key Market Insights Geopolitical Limbo: Geopolitical risk remained a key driver across global commodity markets today. President Trump stated that the Iran memorandum of understanding is not yet final and warned that military action could resume if negotiations fail. Both sides continue w...
Key Takeaways: Drought remains a major threat to global agricultural production, particularly in regions with limited rainfall and growing water scarcity. Commercially available drought-tolerant traits in corn, soybeans, and wheat have generally delivered modest yield improvements, limiting th...
Key Takeaways: Peace at last in the Persian Gulf? Over the weekend, the U.S. announced and Iranian officials confirmed a peace agreement, with formal ratification set for Geneva on 19 June. The announcement means the Strait of Hormuz is set to reopen fully and toll-free within 30 days.&n...
