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 98 percent of November 2021. All of the analysts’ forecasts were below 100 percent, ranging from 97.8 to 99.1 percent of a year ago. This would be the second consecutive month, and second month of 2022 where on-feed inventories are lower than year ago levels.
Placements in October are forecast to be 96 percent of last year. If these two forecasts are accurate, the 1 November inventory on feed would be the lowest in four years and placements would be the lowest of any October since 2012. That is significant since October placements are a big portion of the finished cattle leading...
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...
