USDA will release two key reports tomorrow: the semi-annual Cattle Inventory report and the 1 July Cattle on Feed report. Matt Herrington provided a detailed analysis yesterday of WPI’s model forecast for the on-feed inventory to be 98.6 percent of last year’s level; that compares to the Olympic average of the Dow Jones’ analyst survey at 97.6 percent of last year’s 1 July inventory on feed.
The analysts’ survey puts June placements at 98.1 percent of last year and marketings at 95.2 percent of last year. The ranges of estimates were relatively tight with the most variance in the placement category as typical.
As always, the forecast placements have the widest spread – the on...
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...
