USDA will release two key reports tomorrow: the semi-annual Cattle Inventory report and the 1 July Cattle on Feed report. Matt Herrington provided a detailed analysis yesterday of WPI’s model forecast for the on-feed inventory to be 98.6 percent of last year’s level; that compares to the Olympic average of the Dow Jones’ analyst survey at 97.6 percent of last year’s 1 July inventory on feed.
The analysts’ survey puts June placements at 98.1 percent of last year and marketings at 95.2 percent of last year. The ranges of estimates were relatively tight with the most variance in the placement category as typical.
As always, the forecast placements have the widest spread – the on...
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...
