USDA will release its Cattle on Feed report tomorrow; the consensus pre-report analysts’ estimate is for the inventory of cattle on feed to be 102 percent of the prior year for the third consecutive month, and overall larger than the previous year for the fourth consecutive month.
The analysts’ pre-report estimates of total inventory were virtually unchanged from last month, but the range of forecasts for placements in December widened over the November predictions, but with the same average at 96 percent, which implies 1.7 million head. The forecast for marketings is 99 percent of last year, which would be 1.73 million head.
If the pre-report expectations are current, the on-feed inventory would be up from last year...
The U.S.-Mexico-Canada Agreement (USMCA) enters its mandated six-year review on 1 July. The original intent of the review is outlined in Article 34.7, which obligates members to: Provide recommendations and decide on appropriate actions. Extend the USMCA for another 16 years and meet aga...
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...
