Market News & Headlines >> Cattle-on-Feed Report Neutral for Market
Friday’s USDA Cattle-on-Feed report looked absolutely neutral for the live cattle market as it pegged the Feb. 1 U.S. feedlot inventory right on the average of trade expectations.
USDA’s estimate of the supply of cattle on feed as of Feb 1 came in at 10.872 million head or 100.7% of a year earlier compared with trade estimates that averaged 100.7% in a range from 99.8%-102.5%.
January feedlot placements of 1.981 million head or 111.4% of a year earlier were slightly toward the high side of trade estimates that averaged 111.1% in a wide range from 106.8%-118.2%.
January feedlot marketings of 1.751 million head, or 110.2% of a year earlier; however, were also toward the high end of trade estimates that averaged 109.8% in a range from 106.3%-111.0%.
Feedlot placements showed the biggest year-over-year increases in the 600-699 and 700-799 pound weight classes, where they were up 21.9% and 18.4% respectively.