USDA released its monthly Cattle on Feed report today; the inventory of cattle and calves on feed on feedlots with 1,000 head capacity or more on 1 January was 11.7 million, or 97 percent of January 2022. This is the lowest January inventory since 2018. The report was generally in line with pre-report expectations.
This is the fourth consecutive month where on-feed inventories are lower than year ago levels, a trend that is almost certain to continue through much of 2023 which saw nine of the 12 months higher than year-ago levels.
The average daily marketings in December were 82,905 based on 21 days; that compares to 87,857 in December 2022 with the same number of days, and 94,550 last month based on 20 days in November. Marketi...
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...
