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 101 percent of the prior year. This would be the sixth consecutive month that inventories were equal to or larger than the previous year. Prior to that, from September 2022 to September 2023 feedlot inventories were below year ago levels.
The analysts’ pre-report estimates have marketings at 104 percent of last year and placements at 106 percent of last year, the latter coming in a range of 103 to 109 percent of 2023. For both, note that this is a leap year with an extra day in February. Likewise for placements, feeder cattle imports are running ahead of last year.
However, as...
What You Need to Know Today: CBOT markets pared Monday’s sharp losses as traders booked short profits and adjusted positions ahead of the Grain Stocks report that USDA will release Wednesday afternoon. The 7-day QPF forecast from NOAA now shows heavy rain across the central and western C...
There was encouraging news over the weekend: the White House may reject the misguided idea on Capitol Hill to ban U.S. diesel exports. What WPI has noted previously was perhaps best put by a Department of Energy report of 2022, under the Biden administration: Petroleum liquids markets are globa...
Key Takeaways: Comparative advantage encourages countries to specialize in goods they can produce at a lower opportunity cost and rely on trade for others. Differences in climate, land, infrastructure, and technology help determine where agricultural commodities can be produced most efficientl...
