Market News & Headlines >> November Feedlot Marketings Record Low
Friday afternoon’s monthly USDA Cattle-on-Feed report looked neutral to slightly negative for live cattle prices as it confirmed record low November feedlot marketings and a larger Dec. 1 feedlot inventory than last year.
USDA pegged the Dec. 1 feedlot inventory at 101.4% of a year earlier versus trade estimates that averaged 101.1% in a range from 100%-101.7%, according to a Reuters News Service survey. In terms of actual numbers, the Dec. 1 supply of cattle on feed was 152,000 head larger than a year earlier.
USDA reported November feedlot placements at 96.0% of a year earlier compared with pre-report estimates that averaged 96.2% in a range from 93.5%-101.1%. November feedlot marketings came in at just 88.9% of a year earlier, toward the low end of trade estimates that averaged 90.1% in a range from 88.5%-93.7%.
The November marketings of 1.475 million head were 185,000 head smaller than a year earlier and were the smallest in the current USDA data series going back to 1996.
November feedlot placements of 1.792 million head were 75,000 head smaller than a year earlier and were the smallest since 2004. However placements of cattle in the heaviest weight class – 800 pounds or more – were 103.5% of a year earlier, marking the fourth month in a row they have been larger. November placements weighing 700-799 pounds were also larger at 102.8% of a year earlier.