USDA released its monthly Cattle on Feed report Friday; the inventory of cattle and calves on feed was 11.7 million, or 98 percent of November 2021.
This is the second consecutive month, and only the second month of all 2022, where on-feed inventories are lower than year ago levels, signaling the trend toward lower fed cattle inventory that will extend into 2023 due to drought conditions this year pulling cattle forward.
The average daily marketings in October were 90,100 based on 20 days; that compares to 89,550 in October 2021 with the same number of days, and 84,545 last month based on 22 days in September. Marketings as a percent of inventory dropped below current at 15.4 percent.
Placements came in below pre-report...
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...
