Market News & Headlines >> July Feedlot Placements Slightly Bearish
Friday’s monthly USDA Cattle-on-Feed report looked neutral to mildly bearish for prices as it pegged July feedlot placements and the Aug. 1 feedlot inventory slightly above the averages of trade expectations.
USDA pegged July feedlot placements at 101.6% of a year earlier, compared with trade estimates that averaged 100.5% of a year earlier in a range from 95.0-108.9%, according to a survey of 10 analysts by Reuters News Service. According to USDA, July feedlot marketings were 99.3% of a year earlier compared with trade estimates that averaged 99.7% in a range from 98.5-103.2%.
USDA put the Aug. 1 feedlot inventory at 101.6% of a year earlier, compared with pre-report expectations averaging 101.4% of a year earlier in a range from 100.4-102.1%.
On actual numbers, the Aug. 1 feedlot inventory was 10.165 million head, up 163,000 head from 10.002 million a year earlier and 27,000 head above the average of trade expectations. July feedlot placements of 1.572 million head, were 25,000 head from a year earlier and were still around 180,000 head below the five-year average for the date.
July feedlot marketings of 1.713 million head were 12,000 below a year earlier and were the lowest on record for the month going back to 1996. They were down from last year, however, primarily because July contained one less marketing day this year.