USDA released the monthly Cattle on Feed report today. Total inventory and marketings were as expected, but placements were up above the pre-report consensus.
For context, all the projected ranges of estimates for today’s report were relatively tight – the consensus total inventory on feed was estimated to be between 99 and 100 percent of last year and marketings were expected to be between 108 and 109 percent of last year. Even the most difficult to predict category, placements, was in a relatively tight range of 102 to 105 percent. Recall, the consensus estimate comes from an Olympic average – eliminating the high and the low among the analyst’s forecast. Placements actually came in above the highes...
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...
