USDA?s June Cattle on Feed report declared a three percent decline on-feed. It also showed a five percent increase in placements versus a year ago.
According to USDA, cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 11.6 million head on June 1, 2023. Placements in feedlots during May totaled 1.96 million head.
Rabo AgriFinance Senior Beef and Cattle Market Research Analyst Lance Zimmerman explains.
Rich Nelson of Allendale says that he is not worried about the placements number.
While placements were up compared to last May, the on-feed number is under that of a year ago. Total on-feed numbers as of June first totaled 11.5 million head, which is the lowest in six years. Many analysts believe the strongest cash cattle prices of 2023 are still ahead in the third and fourth quarters.
