USDA released the monthly Cattle on Feed report today. Total inventory was up as expected, but a big drop in placements and a lower-than-expected volume of marketings made the report bullish.
First, let’s look at marketings, which came in only slightly lower than expected, but still the second lowest for June since data have been kept dating back to 1996. There were five weekends in June 2024, with 19 working days, compared to 21 working days in 2023. Average daily marketings in June were 94,000 compared to 93,190 last year. Marketings as a percent of inventory fell just below current at 15.8 percent. Last year saw marketings as a percent of inventory at 17.4 percent. However, marketed cattle are heavier this year, keep...
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