Cattle on Feed Report Right in Line with Expectations

There were 11.485 million head of cattle on feed as of July 1, which was a 1.8% increase from year-ago levels and just 120,000 head higher than analysts surveyed by Reuters anticipated. This marks the highest July 1 inventory since record-keeping began in 1996.

 Analysts also nailed marketings and placements during June, as they contracted 3.0% and 2.3% respectively, which basically lined up with expectations.

Placements were down from year-ago in the lighter-weight categories, with mid- and heavier weights more of a mixed bag. Lightweights placements were down 3.8% from year-ago, 6-weights were down 14.5%, 7-weights were up 1.6%, 8-weights were up 3.2%, 9-weights were down 2.6% and heavyweights climbed 10% from year-ago. Placements of heavier-weight animals were light, however, with the 900 and up weight classes making up just 16.8% of the overall tally.