Market News & Headlines >> Cattle-on-Feed Report Confirms Tighter Supplies
Friday’s USDA Cattle-on-Feed report looked supportive for cattle prices as USDA pegged January feedlot placements and the Feb. 1 feedlot inventory toward the low end of trade expectations providing more evidence of shrinking U.S. cattle supplies.
USDA estimate the Feb. 1 feedlot inventory at 95.9% of a year earlier compared with trade estimates that averaged 96.5% of a year earlier in a range from 95.7%-99.5%. At 11.704 mil. head, the Feb. 1 feedlot inventory was the lowest for the date in four years.
January feedlot placements were 96.4% of a year earlier compared with pre-report estimates that averaged 97.1% of a year earlier in a range from 95.5%-99.7%. At 1.932 million head, January placements were the smallest in 7 years.
January feedlot marketings were 104.1% of a year earlier compared with pre-report estimates that averaged 103.9% in a range from 102.7%-104.6%. January feedlot marketings of 1.847 mil. head were the largest in 3 years.