Market News & Headlines >> Cattle-on-Feed Report Neutral (1)
The cattle market received largely neutral news from Friday afternoon’s monthly USDA Cattle-on-Feed (COF) report, which confirmed expectations for a record large supply of cattle in U.S. feedlots as of July 1.
USDA pegged the supply of cattle on feed as of July 1 at 104.3% of a year earlier versus trade estimates that averaged 104.0% in a range from 102.7%-105.8%, according to a survey of 12 analysts by Reuters News Service. The feedlot inventory totaled 11.282 million head, 461,000 larger than a year earlier and was the largest on record for the date in the current USDA data set going back to 1994.
June feedlot placements were pegged by USDA at 101.3% of a year earlier compared with trade estimates that averaged 100.6% in a range from 95.5%-106.6%. June placements totaled 1.793 million head, 23,000 more than a year earlier, and were the largest for the month in 12 years.
June feedlot marketings were reported by USDA at 100.9% of a year earlier compared with trade estimates that averaged 101.1% in a range from 98.6%-106.7%. June marketings totaled 2.006 million head, 17,000 more than a year earlier, and were be the largest for the month in seven years, despite the fact that June held one less marketing day than last year.