Market News & Headlines >> Cattle-on-Feed Report Supportive
Friday’s monthly USDA Cattle-on-Feed Report held supportive news for the cattle market, pegging June feedlot placements and the July 1 feedlot inventory below most expectations amid tightening supplies of feeder cattle.
USDA reported June feedlot placements were down 6.2% from a year earlier compared with trade expectations averaging 3.8% below a year earlier in a range from 8.1% lower to 3.5% higher, according to a survey of 15 analysts taken by Bloomberg News.
In actual numbers, June placements totaled 1.455 million head, 96,000 below a year earlier and 457,000 below a month earlier. Tightening feeder cattle supplies and improved pasture conditions likely limited June placements in the face of record live cattle prices and falling corn prices.
Friday’s report put the July 1 U.S. feedlot inventory 2.4% below a year earlier versus trade estimates that averaged 1.9% below a year earlier in a range from 4.0% lower to 0.8% lower.
In actual numbers, the feedlot inventory came in at 10.127 million head, 248,000 head below a year earlier and 467,000 below a month earlier.
USDA pegged June feedlot marketings at 1.8% below a year earlier against trade expectations averaging 2.1% below a year earlier in a range from 3.6% lower to 0.4% higher. In actual numbers, June marketings came in at 1.847 million head, down 33,000 from a year earlier and 18,000 below a month earlier.