Total red meat supplies in freezers on July 31, were up slightly from a month earlier but were down about 8% from last year, according to the monthly Cold Storage report Monday. Total poultry supplies in cold storage were up about 2% from a month earlier but were down about 17% from a year ago. … Read More
Managed Money Nudges Long Cattle Position Upward
Managed money, a proxy for large commodity index funds, nudged their collective net long live cattle futures positions higher during the week ended Tuesday as hedgers added a small number to their net short position. The data came from the Commodity Futures Trading Commission’s weekly Commitments of Traders report Friday, which chronicles major players’ aggregated … Read More
USDA Cuts 2021 Beef Production Estimate
The USDA’s Livestock, Dairy, and Poultry Outlook this week said 2021 beef production was expected to be lower on lighter second-half carcass weights as drought continues to affect the beef industry. The 2021 beef production forecast was reduced by 33 million pounds from last month to 27.872 billion, the USDA said. FORAGE PRODUCTION DROPPING … Read More
High Prices, Inflation May Limit Consumer Beef Demand
It looks as though demand for choice or prime beef is outstripping supply for the moment, but unless consumer demand has reached a new high, it may not last. Consumer prices are rising faster than the 2015-2019 average, making it more likely that quality-eating beef may be priced out of the budgets of many consumers … Read More
Canada Cattle On Feed Unseasonably High
The number of cattle in Alberta and Saskatchewan, Canada, feedlots on Aug. 1 continued to decline seasonally, but at a less-than-normal rate, according to data from CanFax, a private Canadian market consulting firm. CanFax collects the data monthly but releases only the total on feed and the total monthly placements to the Denver-based Livestock Marketing … Read More
Q2 Farmland Values Higher
The Federal Reserve Bank said second-quarter farmland values moved higher, but there were some differences between districts. FEDERAL RESERVE BANK OF CHICAGO As reported by the Illinois Farm Policy News, David Oppedahl, senior business economist at the Chicago Fed, explained in the AgLetter that, At 14%, the year-over-year increase in the value of … Read More
Managed Money Boosts Long Live Cattle Position
Large commodity index funds, called managed money, increased their collective net long live cattle futures position in the week ended Tuesday as hedgers increased their collective net short position. The information came from the Commodity Futures Trading Commission’s weekly Commitments of Traders report Friday. FUNDS TAKE LONGER CATTLE POSITION Managed money’s new net … Read More