High level of nitrates have been detected in forages this year in South Dakota and other states. Depending on where you live, it could be due to weather conditions, fertilizer, previous crop, or a combination.
Friday’s report is anticipated not only for the information that enables market analysts to estimate slaughter cattle supplies, but also because the January report was unpublished due to the government shutdown.
Anecdotal evidence and supply observations suggest packers have recently had a negotiating advantage over feedlots. Packer margins continue to be wide and the supply of cattle on feed continues to be high.