October cattle placements up on year

There were fewer cattle placed into U.S. feedlots than expected during October.

The USDA says placements were 2.164 million, 4% above October 2022, and while that was slightly below analysts’ expectation, it’s still going to boost supplies while possibly pressuring prices.

Part of those higher placements were due to the continued above a year ago trend of feeder cattle imports from Mexico.

Marketings during October fell 3% on the year to 1.578 million head, a little bit more than anticipated, while the total number of cattle on feed on November 1st was 2% higher at 11.931 million head, in-line with pre-report expectations.

Overall, the numbers do look bearish for cattle prices in early 2024, but that will depend on domestic and international beef demand.

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