Market News & Headlines >> Record July 1 Feedlot Inventory Expected
Friday’s monthly Cattle-on-Feed report from USDA is expected to report that the July 1 U.S. feedlot inventory was nearly two percent larger than a year earlier after both feedlot placements and feedlot marketings fell in June.
Trade estimates of the July 1 feedlot inventory average 101.8% of a year earlier in a range from 100.9%-103.2%, according to a survey of eight analysts by Dow Jones Newswires. At the average of trade estimates, the July 1 feedlot inventory would total 11.490 million head and would be the largest on record in the current USDA data series, which goes back to 1996.
Pre-report estimates of June feedlot placements average 97.7% of a year earlier in a range from 93.2%-105.7%. At the average of trade estimates, June placements would total 1.757 million head and would still be 149,000 head above the five-year average.
Trade expectations for June feedlot marketings average 96.9% of a year earlier in a range from 95.8%-98.3%. At the average of trade estimates, June feedlot marketings would total 1.944 million head and would still be 44,000 head above the five-year average.