Chicago wheat futures fell again on Wednesday, remaining near their lowest level since 2010 hit on Tuesday after the U.S. Department of Agriculture (USDA) said the largest world wheat inventories in history are being piled up.
The 2016 forecast of total red meat and poultry production is raised from last month as higher forecast pork and broiler production more than offsets reduced forecasts for beef and turkey. USDA’s Cattle report, released January 29, estimated that the cattle inventory continued to increase and pointed to a higher level of cattle outside feedlots on January 1, 2016.
The annual Cattle report estimated that total cattle inventories in the U.S. were up 3.2 percent year over year at 92.0 million head. From various inventories categories we can calculate an estimated supply of feeder cattle outside of feedlots. For January 1, 2016, this estimate is 25.9 million head, up 5.3 percent from one year ago.