USDA released its monthly cattle on feed report today; the inventory of cattle and calves on feed was 11.3 million, which is slightly above September 2021. This is the second highest total on feed for September on record.
Marketings were in line with pre-report expectations. The average daily marketings in August were 87,130 based on 23 days (one more than August 2021). That is up from 86,905 based on 21 days in July 2022. However, marketings as a percent of inventory on feed were well above at 17.8 percent.
Placements were slightly above last year, and above the benchmark average pre-report expectation, but as we noted yesterday, there was one outlier forecast in the calculated average that pulled down the Olympic a...
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...
