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Cattle placements jump 10%

The USDA’s Cattle on Feed report came out close to pre-report expectations.

Placements into feedlots during October 2019 were up 10% from October 2018 at 2.477 million head, mostly cattle weighing less than 800 pounds, with cold conditions in many of the major feeding areas pulling cattle off of grass and ample feed supplies contributing to the increase. By weight, placements of cattle weighing less than 600 pounds were 600,000 head, 600 to 699 pound placements were 540,000 head, and 700 to 799 pound placements were 517,000 head, while the 800 to 899 pound category accounted for 475,000 head, 900 to 999 pound placements were 230,000 head, and placements of cattle weighing more than 1,000 pounds were 115,000 head. Those cattle will be marketing from April through September of 2020.

Marketings were down 1% on the year at 1.875 million head, while the total number of cattle on feed on November 1st was 1% higher at 11.831 million head. Other disappearances were 59,000 head, down 14%.

The numbers look neutral to bearish for cash and futures trade.

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