The latest USDA Cattle on Feed report showed a July 1 feedlot inventory of 11.304 million head, fractionally higher year over year at 100.5 percent of last year. June marketings were about as expected at 91.3 percent of one year ago. The marketings total seems low but June 2024 had the rare situation of having 2 less business days compared to last year, so average daily marketings in June were actually slightly higher compared to one year ago.
June feedlot placements were 91.2 percent of last year, slightly less than average pre-report expectations. The placement total was the smallest June total since 2016. Although the feedlot inventory has been slow to decrease, feedlots have been placing fewer cattle as feeder supplies have dwindled in recent years.
July 22, 2024
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