WASHINGTON, DC – USDA released their monthly Cattle on Feed report on Friday, after the market closed, and surprised traders. According to the report, placements in feedlots during the month of October were just under 2.2 million head or 89 percent of the placements in October 2019, representing 2 percentage points less than the average trade guess prior to the report. As for the actual on feed number of 12 million head, USDA’s projection is the highest November 1st inventory since the report began back in 1996. Also, USDA projects marketings at 1.87 million head, slightly below last years numbers and less than the average pre-report guess by traders and analysts. 2019. Other disappearance totaled 63,000 head during October, 7 percent above 2019.
(SOURCE: All Ag News)