USDA will release its Cattle on Feed report tomorrow; analysts’ pre-report estimates peg the total number of cattle on feed as of 1 November at 101.9 percent of November 2022. If accurate, this would be the second month in a row where inventories were higher than the year prior, after 11 consecutive months with on-feed inventories lower than prior year levels, stretching back to late 2022.
Placements during October for the 1 November inventory are forecast to be 106.1 percent of last year, again the second month of a big increase over last year. Placements in September were 2.21 million head, also 106 percent of the year before, however October typically sees the highest placements of the year after calves come off grass.
For th...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
