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 June at 99 percent of last year, which would be 11.6 million head. Of course, the accuracy of that prediction will be based on the marketings and placements in May.
Placements are expected to come in at 98 percent of May 2019, while marketings – or cattle sent to slaughter - not unexpectedly are expected to be down to 74 percent of last year given the packing plant disruptions.
Placements, however, are the real wildcard. The industry average pre-report estimates are based on an “Olympic average” of analysts polled (eliminating the high and the low) and the ran...
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