Market News & Headlines >> Feedlot Placements Up Less than Expected
Friday afternoon’s monthly Cattle-on-Feed report from USDA looked neutral to friendly for live cattle prices as it pegged March feedlot placements and the April 1 feedlot inventory toward the lower end of trade expectations, while putting March feedlot marketings above the average of trade estimates.
USDA pegged March feedlot placements at 104.6% compared with trade that averaged 106.4% of a year earlier in a range from 96.6%-111%. Placements were still the largest for the month in five years. In actual numbers, March placements were 1.892 million head, 83,000 larger than a year earlier and 182,000 larger than a month earlier.
USDA pegged March feedlot marketings at 107.1% compared with pre-report expectations averaging 106.1% of a year earlier in a range from 97.7%-108.0%. The marketings were the largest for the month in four years, totaling 1.747 million head, 116,000 larger than a year earlier and 156,000 larger than a month earlier.
Friday’s report pegged the April 1 feedlot inventory at 100.5% of a year earlier versus trade estimates averaging 100.9% of a year earlier in a range from 100.1-101.5%. In actual numbers, the feedlot inventory was 10.853 million head the inventory was 43,000 head smaller than the average of trade expectations, but was still up 56,000 from a year earlier and was the largest for the date in three years.