USDA released the monthly Cattle on Feed report today. The numbers came in very close to the pre-report expectations, making the report neural. Placements were the only category off from the consensus expectation, but only 1 percent higher than the estimate. The key point is the supply of feeder cattle remains tight, and placements are continuing to decline since the spike in February which was the result of poor weather in January which led to deferred placements.
A point of context for the fed cattle/feedlot situation, the large decline in cow slaughter this year has put a dent in the weekly slaughter totals. This week’s estimated slaughter at 607,000 was down 18,000 head (2.9 percent) from the same week last year, an...
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...
