USDA will release its Cattle on Feed report tomorrow; analysts’ pre-report estimates peg the total number of cattle on feed as of 1 March at 96 percent of March 2022. Last March was the largest on-feed inventory for March on record.
All of the analysts’ forecasts were between 94 and 96 percent. Marketings reflect the slaughter totals in February, so the range is tight. The biggest question, as usual, is about placements.
Matt Herrington wrote yesterday about how the “recent macroeconomic jitters are fueling concern that beef and broader meat demand may start to fail if a recession develops in 2023.” Boxed beef prices have started to soften. Of course, tomorrow’s repor...
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...