Market News & Headlines >> USDA Confirms Large Cattle-on-Feed Supplies
Friday afternoon’s USDA monthly Cattle-on-Feed report was looked neutral to slightly friendly relative to trade expectations, but confirmed large July 1 supplies of market-ready cattle.
USDA pegged the July 1 feedlot inventory at 11.438 million head or 99.6% of a year earlier compared with trade estimates that averaged 100.0% of a year earlier in a range from 99.1%-100.7% of a year earlier. The July 1 feedlot inventory was still the second largest on record for the date in USDA data going back to 1994, behind last year's record high.
USDA pegged June feedlot placements at 1.798 million head or 102.1% of a year earlier, toward the low side of trade estimates that averaged 103.8% in a range from 100.1%-107.9%. Placements were 37,000 head larger than a year earlier and matched the highest level st for June since 2006.
June feedlot marketings were reported by USDA at 1.969 million head or 101.3% of a year earlier, however, the month contained two more marketing days than last year.