Market News & Headlines >> Cattle-on-Feed Report Neutral vs. Expectations
Friday’s monthly Cattle-on-Feed report from USDA confirmed a record large U.S. feedlot inventory as of Aug. 1, in line with trade expectations.
USDA pegged the Aug. 1 feedlot inventory at 104.6% of a year earlier, compared with trade estimates that averaged 104.5% in a range from 103.6%-105.8%, according to a Reuters News Service survey of 12 analysts. In actual numbers, the Aug. 1 feedlot inventory totaled 11.093 million head, 489,000 head larger than a year earlier and the largest for the date in USDA data going back to 1996.
USDA pegged July feedlot placements at 107.9% of a year earlier, toward the high end of pre-report estimates that averaged 106.3% of a year earlier in a wide range from 100.6%-114.4%. In actual numbers, July placements totaled 1.742 million head, up 127,000 from a year earlier and were the largest for the month in seven years.
July feedlot marketings were reported by USDA at 105.0% of a year earlier, toward the high end of trade estimates that averaged 104.7% of a year earlier in a range from 101.8%-106.0%. In actual numbers, July marketings totaled 1.873 million head, 89,000 head larger than a year earlier and the largest for the month in five years.