Market News & Headlines >> Cattle-on-Feed Report Held No Surprises
Last Friday afternoon’s USDA monthly Cattle-on-Feed report was largely a non-event for the cattle market as it pegged the Oct. 1 feedlot inventory nearly dead on the average of trade estimates and put September feedlot placements and marketings in line with expectations as well.
USDA pegged the Oct. 1 feedlot inventory at 98.9% of a year earlier, matching the average of trade expectations in a Reuters News Service survey of nine analysts. In actual numbers, USDA pegged the feedlot inventory at 11.278 million head, 6,000 above the average of trade estimates and 122,000 below a year earlier.
September feedlot placements were reported by USDA at 102.0% of a year earlier, versus trade estimates that averaged 101.6% in a range from 95.1%-107.6%. In actual numbers, September placements totaled 2.093 million head, 9,000 above the average of trade expectations and 42,000 above a year earlier.
USDA put September feedlot marketings at 101.1% of a year earlier compared with trade estimates that averaged 100.9% of a year earlier in a range from 98.2%-101.5%. In actual numbers, September marketings totaled 1.738 million head, 4,000 above the average of trade expectations and 19,000 above last year. Marketings were up from last year largely because September contained one more marketing day this year.