USDA released its monthly Cattle on Feed report today. The inventory of cattle and calves on feed was 12.2 million, right in line with expectations, and as WPI mentioned yesterday, a record for the month of March. This is the second consecutive month with a record on-feed inventory. February 2022 was a monthly record and January 2022 saw the second highest inventory of cattle on feed, after a monthly record for placements in December 2021.
It was a strong fall run for feeding. Inventories of cattle on feed were also the second highest on record in September and October of last year and November placements were 104 percent of the prior year. But cattle inventory is down. As we reported in January:
Beef cows for breeding down 2 percent...
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...
