USDA released its Cattle on Feed report today. The inventory of cattle in feedlots with a capacity of 1,000 head or more was 12 million head, that is 101 percent of 1 November 2019 and below pre-report expectations. This is a record large 1 November inventory dating back to 1996 when records began. Placements were below even the low pre-report average. October 2019 was the second largest October placement level since 2011, so it its not surprising that this year would be lower, but placements dropped to the lowest level since 2016. Morever, given the strange year it has been, placements were also down from September, which is the first time that has happened in the last decade.
Per today’s report, net placements were 2...
What You Need to Know Today: Commodities were mostly lower across the board today after yesterday’s Federal Reserve meeting hinted at a potential interest rate hike later in 2026. The dollar index reached its highest level in over a year, and a strong dollar makes U.S. agricultural expor...
Tomorrow is the Juneteenth federal holiday, and the USDA, along with the rest of the federal government and the CME, will be closed, so the monthly Cattle on Feed report was released a day early. The total number of cattle on feed in feedlots with 1,000 head or more capacity on 1 June amounted...
