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 May to be 104.8 percent of last year with April placements and marketings at 90.6 percent and 106 percent, respectively, of the totals for April 2017. Following are a few thoughts:
With the vigorous pace of marketings versus placements, slaughter weights could be squeezed even though the yearly seasonal decline is about to end. The drop in placements must be viewed in context of the higher number last year; the 1 April inventory was the 16th consecutive month of increased year-over-year feedlot inventory. Fewer feeder cattle imports came from Canada and Mexico during April.
Tomorrow&rs...
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