USDA released its monthly Cattle on Feed report today; the inventory of cattle and calves on feed was 12.1 million, 2 percent above April 2021, and the highest April inventory on record. In four months of 2022, the cattle on feed inventory has set a monthly record three times – February, March and April. January 2022 saw the second largest January inventory on record.
Only marketings came in as expected per the pre-report estimates. The average daily marketings are 86,957 based on 23 days in March. Marketings as a percent of inventory on feed are current at 16.5 percent. As noted yesterday, slaughter has been strong, which is a typical seasonal pattern. However, inventories typically decline as placements slow down whi...
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...
