As we reported Monday, the USDA Cattle on Feed report showed its first drop in on-feed inventory for the year. Yesterday’s quarterly livestock data from USDA also showed a drop in feeder cattle outside feedlots. The total of calves weighing less than 500 pounds, steers weighing 500 pounds or more, and non-replacement heifers weighing 500 pounds or more make up that inventory of feeders outside of the feedlots. Total feeders outside feedyards, at 28.637 million, are at about 97 percent of October 2021. That’s made for a bullish market. Last week, negotiated fed cattle prices were $150/cwt, the average for the month (through last week) has been $147/cwt. Yesterday, prices were $151/cwt.
Last week’s slaughter was...
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...
