USDA estimated there were 11.986 million head of cattle in large feedlots (1,000-plus head) as of Nov. 1, up 30,000 head (0.3%) from year-ago. Analysts on average expected a 0.1% decline in feedlot inventories. October placements increased 5.3% and marketings rose 4.7% from year-ago levels.
| Cattle on Feed Report | USDA (% of year-ago) | Average Estimate (% of year-ago) |
| On Feed on Nov. 1 | 100.3 | 99.9 |
| Placements in October | 105.3 | 103.8 |
| Marketings in October | 104.7 | 105.2 |
Placements increased in all but the heavyweight (1,000-plus lbs.) category, which was equal to year-ago. Placements increased 6.4% for lightweights (under 600 lbs.), 3.2% for 6-weights, 5.4% for 7-weights, 7.7% for 8-weights and 4.9% for 9-weights. Placements rose 45,000 head in Kansas, 30,000 head in Texas, 15,000 head in Nebraska, 5,000 head in Colorado and 21,000 head in “other states,” resulting in a 116,000-head increase.
All of the categories came in on the negative side of the average pre-report estimates, which could weigh on cattle futures on Monday. But we doubt there will be sustained market impacts.