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, 105 percent of May 2020.
Average daily marketings were 88,901 in April, compared to 88,696 in March – April had 22 work days, the same as last year (March had 23 days). Marketings as a percent of cattle on feed inventory in April were 16.5 percent, compared to 17.1 percent in March. With the slow pace of slaughter this spring it has been a case of “hurry up and wait” for fed cattle. This is the second largest May inventory on record – and the fourth consecutive month that has been the second largest monthly inventory since record keeping started in 1996...
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...
