USDA released it monthly cattle on feed and semi-annual cattle inventory reports Friday afternoon. Cattle-on-feed came in at 96% of last year, with placements of 91% and marketings at 92%.
DTN Chief Livestock Analyst John Harrington told Brownfield none of those numbers will surprise the trade too much. And in terms of market impact, Harrington said the cattle-on-feed report is "kind of dead on arrival, almost."
Harrington added that he doesn’t think much more of the market impact of the cattle inventory report. USDA pegged the U.S. beef cow herd at 1% below a year ago, exactly as the trade expected. But according to Harrington, USDA’s estimate of this year’s calf crop, at less than half-a-percent smaller than last year, doesn’t make much sense.
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