USDA’s Cattle on Feed Report estimated the Feb. 1 large feedlot (1,000-plus head) inventory at 12.2 million head, up 0.8% from year-ago and in line with pre-report expectations. January placements declined 1.2% from last year following three months of figures that were bigger than year-ago and traders’ expectations. Marketings declined 3.1% from January 2021. Both the placements and marketings figures were a little lighter than anticipated.
Cattle on Feed Report | USDA | Avg. Trade Estimate (% of year-ago) |
On Feed Feb. 1 | 100.8 | 100.8 |
Placements in January | 98.8 | 99.2 |
Marketings in January | 96.9 | 97.3 |
Feedlots placed 2.4% more lightweight (under 600 lbs.) calves and 1.1% more 6-weights versus January 2021. Placements declined 5.2% for 7-weights and 2.4% for 8-weight calves. Placements of 9-weight and heavyweight calves were equal to last year.
There’s nothing in this report to move cattle futures on Monday. Focus will be on money flow, technical price action and outside markets.