Market News & Headlines >> USDA Report Confirms Larger Feedlot Inventory
Friday afternoon’s USDA Cattle-on-Feed report pegged the Nov. 1 feedlot inventory slightly below the average of trade expectations, but the inventory was still near record large for the date following active October feedlot placements and lackluster marketings.
USDA pegged the Nov 1 feedlot inventory at 101.7% of a year earlier, closely in line with trade expectations that averaged 101.8% in a range from 100.9%-102.4%, according to a Reuters News Service survey. The feedlot inventory totaled 11.931 million head, 195,000 head above a year earlier and 350,000 head above a month earlier. The inventory was the third largest on record for November, just 42,000 head below the record high set in 2020.
October feedlot placements were estimated by USDA at 103.8% of a year earlier compared with trade estimates that averaged 104.9% of a year earlier in a range from 99.8%-108.0% of a year earlier. In actual head, placements totaled 2.164 million head, 79,000 head above a year earlier and 42,000 head smaller than a month earlier.
October feedlot marketings were put by USDA at 97.5% of a year earlier versus trade expectations that averaged 97.9% in a range from 97.0%-98.5%. October marketings of 1.758 million head were the lowest for the month in seven years, down 46,000 from a year earlier but up 95,000 head a month earlier.