USDA will release its Cattle on Feed report tomorrow; analysts’ pre-report estimates peg the total number of cattle on feed as of 1 January at 96.8 percent of January 2022. Last January was the second highest January on record.
All the analysts’ forecasts were below 100 percent, with the highest at 97.4 percent. Estimates came in a tight range. This would be the fourth consecutive month where on-feed inventories are lower than year ago levels, evidence of the drought driven herd liquidation.
Placements were, as usual, the widest range with an average of 91.5 percent of a year ago. The final estimate eliminates the high and low and then is an average of the remaining estimates (i.e., an “Olympic&rdqu...
What You Need to Know Today: Commodities were mostly lower across the board today after yesterday’s Federal Reserve meeting hinted at a potential interest rate hike later in 2026. The dollar index reached its highest level in over a year, and a strong dollar makes U.S. agricultural expor...
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...
