USDA’s monthly cattle on feed report for 1 April will be released tomorrow. Analysts’ pre-report consensus estimates are for the total inventory on feed to be 99.3 percent of last year. Those estimates imply an on-feed inventory of 11.6 million head.
The big line item to watch again this month will be the March placement data, as it has been the wild card for several months. But based on Dow Jones' survey of analysts, the range of placement estimates is not as wide this month, and most believe that they will land somewhere around 93.5 percent of year-ago levels, or an implied total of 1.72 million head. It is worth noting that 2025 placements were lower in February, at 1.554 million head, the largest decline in February placeme...
Macro: Relief Meets Reality July’s CPI report matched expectations. Headline inflation eased to 3.4 percent year over year, while core inflation declined to 2.5 percent. On a monthly basis, headline CPI rose 0.1 percent and core increased 0.2 percent. Equities and the U.S. dollar traded h...
Key Takeaways: Corn yield came in below expectations at 180.7 bushels per acre, validating WPI’s view that last year’s exceptional yield may have anchored analyst estimates higher. Despite slightly higher production for corn, stronger export projections tightened the balance sheet,...
