USDA released its Cattle on Feed report today; the inventory of cattle in feedlots with a capacity of 1,000 head or more was 11.3 head, that is 102 percent of 1 August 2019, and a record for the month of August.
The report was bearish compared to the pre-report expectations and shows the symptoms (as we previewed yesterday) of the backlog of the COVID-related plant slowdowns, and the expanding drought conditions. Marketings came in as expected, but inventory was about 61,000 head more than expectations and placements were 188,000 head more than last year and more than 85,000 head greater than expectations. The pre-report estimates on placements came in with a wide range - from 102 percent of last year on the low end to 109 percent...
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
