Market News & Headlines >> Record Large July 1 Feedlot Inventory Expected
USDA’s monthly Cattle-on-Feed report is expected to show that the supply of cattle in U.S. feedlots as of July 1 remained about 4% larger than a year earlier as both June feedlot placements and June feedlot marketings ran slightly above a year earlier.
Pre-report trade estimates of the July 1 U.S. feedlot inventory average 104.0% of a year earlier in a range from 102.7%-105.8%, according to a survey of 12 analysts by Reuters News Service. If the feedlot inventory comes in at the average of trade expectations, it would total 11.257 million head and would be the largest on record for the date in the current USDA data set that goes back to 1994.
Expectations for June feedlot placements average 100.6% of a year earlier in a range from 95.5%-106.6%. If June placements come in at the average of trade expectations, they would total 1.781 million head and would be the largest for the month in 12 years.
The consensus trade estimate is for June feedlot marketings of 101.1% of a year earlier, with estimates ranging from 98.6%-106.7%. At the average of trade expectations, June marketings would total 2.011 million head and would be the largest for the month in seven years.