Cattle on Feed Preview    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 February at 102.4 percent of last year. If accurate, at about 11.85 million head, that would be the largest February inventory in more than a decade. 

The average trade guess for marketings in January comes in at 101 percent of January 2019. January placements are anticipated to be 101.9 percent of the year before. The private analyst’s perspective fits with what USDA’s forecasts have been in the recent WASDE – increased marketings (with heavier carcass weights) pushing up beef production. The Cattle Inventory report showed a smaller...