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: U.S. Treasury Secretary Bessent said the U.S. and Iran could “today or tomorrow” reach a deal to reopen the Strait of Hormuz. Despite the Secretary’s claims, an attack on a vessel off the Omani coast suggests plenty of risk remains in forming a lo...
Beef packer margins slipped modestly for the first time in four weeks, declining $15/head to -$78 as fed cattle prices firmed while boxed beef values continued to weaken. The Choice cutout eased another $2.63/cwt to $364.69, while dressed cattle prices fell only $2.76/cwt to $362.25/cwt, limiti...
Key Takeaways: Offal represents an important segment of global meat trade by adding value to underutilized portions of livestock carcasses and improving overall resource efficiency. Strong export demand for products such as pork variety meats and chicken feet allows processors to maximize carc...
