Market News & Headlines >> No Surprises in Cattle-on-Feed Report
Last Friday afternoon’s USDA Cattle-on-Feed report was largely neutral for cattle prices as it pegged the July 1 feedlot inventory along with June feedlot placements and marketings in line with the averages of trade expectations.
USDA did confirm a record large July 1 feedlot inventory at 101.8% of a year earlier or 11.485 million head, on par with the average of trade estimates, which ranged from 100.9%-103.2%, according to a survey of eight analysts by Dow Jones Newswires.
June feedlot placements at 97.7% of a year earlier, or 1.756 million head, also matched the average of trade expectations that ranged from 93.2%-105.7%, while June marketings at 97.0% of a year earlier, or 1.945 million head, compared with trade estimates that averaged 96.9% in a range from 95.8%-98.3% of a year earlier.
June feedlot placements were concentrated in the heavier weight classes for the second month in a row, with placements of cattle weighing 800-899 pounds at 103.2% of a year earlier and placements weighing 700-799 pounds at 101.6%.