USDA released its Cattle on Feed report today, confirming almost perfectly with pre-report expectations The inventory of cattle in feedlots with a capacity of 1,000 head or more was 12 million head, the same as the 1 December 2019 inventory.
November placements were just below the pre-report average. Net placements were 1.85 million head, meaning the number of cattle on feed for more than 120 days is caclulated to be 3.89 million head, up from 3.83 million last month. The number of cattle on feed for 150 days or more is calculated to be 2.05 million head, down from 2.09 million head last month.
Placements by weight catgeory show a drop of 136,000 cattle weighing more than 800 pounds compared to October, which itself...
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