USDA’s monthly cattle on feed report was released Friday. The total number of cattle on feed in feedlots with 1,000 head or more capacity was 11.5 million head, unchanged from last month, but 98 percent of last year.
Marketings totaled 1.63 million head, or 87 percent of last year, in line with pre-report expectations. They declined due to fewer placements in previous months, less aggressive packer demand, and periodic winter weather disruptions. Placements were 1.74 million head, 95 percent of last year and below pre-report expectations. Most of the decline in placements came from lighter- and middle-weight cattle, as shown below. Net placements were 1.68 million head, which would imply a cattle-on-feed inventory of more than...
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...
