Market News & Headlines >> USDA Expected to Report Smaller Feedlot Inventory
USDA is expected to report that the supply of cattle in U.S. feedlots tightened during July as feedlot placements ran below a year earlier for the third month in a row when it releases its monthly Cattle-on-Feed report on Friday afternoon.
Trade estimates of the Aug. 1 feedlot inventory average 98.3% of a year earlier in a range from 97.7%-98.8% of a year earlier. At the average of trade estimates, the Aug. 1 feedlot inventory would total 11.081 head, the smallest for the date in four years, down 209,000 head from a month earlier and down 203,000 head from a year earlier.
Pre-report estimates of July feedlot placements average 93.1% of a year earlier in a range from 90.7%-95.5%. At the average of trade estimates, July placements would total 1.762 million head, 131,000 head below a month earlier, 228,000 head below a year earlier and the smallest for the month in five years.
Pre-report estimates of July feedlot marketings average 96.7% in a range from 95.2%-101.0%. At the average of trade estimates, marketings would total 1.924 million head, 98,000 below a month earlier, 66,000 below a year earlier. Marketings are expected to be lower than last year largely because July held one less marketing day this year.