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: Rising hostilities and an end to any semblance of a ceasefire between the U.S. and Iran created geopolitical risk-off trade in macroeconomic markets, though the CBOT seemed immune. President Trump announced the U.S. military would resume its naval blockade on Iran...
USDA released its monthly World Supply and Demand Estimates on Friday, forecasting tighter beef supplies and growing pork and broiler supplies. Beef production was lowered due to a slower fed cattle harvest, which was offset somewhat by cow slaughter. Fed cattle slaughter was forecast to...
