Market News & Headlines >> October Feedlot Placements Smallest on Record
The cattle market received supportive news from Friday afternoon’s USDA monthly Cattle-on-Feed report as the agency pegged the Nov. 1 U.S. feedlot inventory at the low end of trade expectations on lower-than-expected October feedlot placements.
USDA pegged the Nov. 1 feedlot inventory at 98.0% of a year earlier compared with trade estimates that averaged 98.3% of a year earlier in a range from 97.9%-99.1% according to a Reuters News Service survey of 11 livestock analysts. In actual numbers, the Nov. 1 feedlot inventory totaled 11.706 million head, 39,000 below the average of trade estimates and 242,000 head below a year earlier.
October feedlot placements were pegged by USDA at 93.9% of a year earlier below trade estimates that averaged 96.5% of a year earlier in a range from 94.6%-100.0%. In actual numbers, October placements totaled 2.108 million head, 60,000 below the average of trade estimates and 138,000 below a year earlier. Placements were the smallest on record for the month going back to 1996.
October feedlot marketings came in at 100.6% of a year earlier compared with trade estimates that averaged 100.8% in a range from 100.5%-101.7%. In actual numbers, October marketings totaled 1.802 million head, compared with 1.791 million a year earlier.