USDA will release its monthly Cattle on Feed report tomorrow. Pre-report estimates from the industry put the total number of cattle on feed as of 1 November at 102 percent of last year. Marketings are forecast at 100 percent of last year, but placements are expected to be at only 91 percent of last year’s total. That placement estimate is the Olympic average of a range from 87 to 96 percent so there is widespread consensus that fewer cattle were placed in October, which was a record for the month.
In sum, with a drop in placements and likely the fifth consecutive month of fewer front-end cattle on feed more than 150 days, tomorrow’s report should have some bullish news. But, fed cattle prices continue to drop wit...
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...
