USDA released its Cattle on Feed report today; the inventory of cattle in feedlots with a capacity of 1,000 head or more was 11.7 million head, that is 103 percent of 1 October 2019 and above pre-report expectations. This is a record large 1 October inventory dating back to 1996 when records began.
Placements were well above the pre-report average and at the very top of the range of expectations, reflecting in part dry conditions on the Plains as well as Mexico where imports of feeder cattle were up more than 35 percent in September. The on-feed inventory included 7.31 million steers, 106 percent of the year prior, and 4.41 million heifers, down slightly from 2019. The biggest increases in feedlot inventories were in Colorad...
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...
