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July placements, marketings lowest since 1996

USDA’s monthly cattle on feed report was close to pre-report estimates, with some categories at historical lows.

Placements during July were 1.560 million head, down 7% on the year, the lowest for the month since the series of reports started in 1996, and mostly cattle weighing more than 700 pounds. Before the report, analysts were anticipating placements of 1.53 million head. By weight, placements on cattle weighing less than 600 pounds were 425,000 head and 600 to 699 pound placements were 260,000 head, while 700 to 799 pound placements were 355,000 head and placements of cattle weighing 800 pounds and heavier were 520,000 head.

Marketings were pegged at 1.787 million head, 9% less than last year, and also the lowest for the month since the series of reports started. Analysts had been expecting marketings to be down around 8%.

The total number of U.S. cattle on feed as of August 1 was 9.837 million head, 2% below a year ago, and slightly more than what was projected ahead of the report.

Other disappearances were 63,000 head, down 2% on the year.

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