USDA will release its Cattle on Feed report tomorrow and it could be a record – for the second month in a row. Analysts’ pre-report estimates peg the total number of cattle on feed as of 1 March at 101.1 percent of a year ago, which was the highest March feed lot inventory on record at 12 million head. The range of estimates was between 100.8 and 101.5 percent. The implied inventory of cattle on feed would be 12.13 million head.
Source: Dow Jones, WPI Marketings in February are expected to be 104 percent of last year. Note that there were the same number of weekdays in February 2021 and 2022. Noteworthy is the fact that placements are expected at 102 percent of 2020, which was the month before COVID, implying pac...
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...
