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Fed and Feeder Basis Update - There are many moving parts in the beef industry. Recent shifts include, but are not limited to, movements in the Canadian dollar, continued drought concerns in the US and Western Canada, feed prices and the sheer number of cattle-on-feed in both Canada and the US. In addition, basis levels that can mean the difference between profit and loss for fed and feeder cattle. Canadian slaughter rates since the beginning of February have consistently been 93-102% of capacity...
USDA Cattle on Feed - USDA released its June 1st cattle on feed report this afternoon and should be viewed as neutral to slightly positive as May placements came in below expectations. Cattle on feed inventories are seasonally declining, but remain record large for the month of June. June 1st cattle on feed inventories totaled 11.8 million head, 1.3% larger than last year and 2.6% larger than the five-year average ...