USDA’s monthly Cattle on Feed report will be released tomorrow. Analysts’ pre-report consensus estimates are for the total inventory on feed to be 98.1 percent of last year with the range of estimates between 97.4 and 98.6 percent of 1 August 2024. Those estimates imply an on-feed inventory of 10.8 million head, with marketings of 1.746 million head and placements of 1.552 million head.
Marketings are forecast at 94.1 percent of last year in a range of 93.9 to 94.4 percent. Marketings exceeded placements by 178,000 head in June and are expected to outpace them by about 217,000 head in July. This yields the lower inventory figure, currently estimated at 10.884 million head. If the analysts are correct, this would be the smallest...
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...