USDA will release its monthly Cattle on Feed report tomorrow. Pre-report estimates from the industry peg the total number of cattle on feed as of 1 August at 101 percent of last year. Placements in July are expected to be 106 percent of last year and marketings are forecast at 99 percent. Post-COVID, feedlot inventories have gone back to normal levels and are following seasonal patterns, though the inventory for August is projected to be larger than August 2019. Typically, August and September are two low months for cattle on feed – with September at the bottom - but with spring packing plant interruptions and ongoing lower operating efficiency September might not be the lowest month this year.
Furthermor...
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