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Cattle placements drop in October
The USDA says placements of cattle into U.S. feedlots fell 6% from October of 2021 to October of 2022.
The 2.11 million head of cattle placed was the lowest ever for October due to relatively high feed costs and tighter supplies, with most of those cattle weighing less than 800 pounds, heading to market next spring.
October marketings were 1% above last year at 1.8 million head as processors try to keep up with beef demand.
The total number of cattle on feed on November 1st was 11.7 million head, down 2% on the year.
The numbers look supportive to cash and wholesale business, if strong beef demand continues.
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