USDA will release its Cattle on Feed report tomorrow; analysts’ pre-report estimates peg the total number of cattle on feed as of 1 November at 101.9 percent of November 2022. If accurate, this would be the second month in a row where inventories were higher than the year prior, after 11 consecutive months with on-feed inventories lower than prior year levels, stretching back to late 2022.
Placements during October for the 1 November inventory are forecast to be 106.1 percent of last year, again the second month of a big increase over last year. Placements in September were 2.21 million head, also 106 percent of the year before, however October typically sees the highest placements of the year after calves come off grass.
For th...
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...
