USDA released its Cattle on Feed report today; the inventory of cattle in feedlots with a capacity of 1,000 head or more was 11.7 million head, that is 103 percent of 1 October 2019 and above pre-report expectations. This is a record large 1 October inventory dating back to 1996 when records began.
Placements were well above the pre-report average and at the very top of the range of expectations, reflecting in part dry conditions on the Plains as well as Mexico where imports of feeder cattle were up more than 35 percent in September. The on-feed inventory included 7.31 million steers, 106 percent of the year prior, and 4.41 million heifers, down slightly from 2019. The biggest increases in feedlot inventories were in Colorad...
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...
