USDA’s monthly Cattle on Feed (COF) report, released 23 March, showed the number of cattle in 1,000+ capacity feedlots at 11.7 million head as of 1 March. The total was 109 percent of last year or up 1 million head versus 1 March 2017. While also the third consecutive month that the inventory grew 8 percent or more from the prior year, this was the first time since October 2006 that it increased a full 9 percent.
February’s large placement numbers correspond with a 2.1 percent drop in steer slaughter and a 7.8 percent increase in heifer slaughter year over year. Together with increased cow slaughter, this is a sign of ongoing herd liquidation.
The market had already factored in pre-report estimates of large inventories and...
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...
