Cattle placements drop in October
The USDA says 2.192 million cattle were placed into feedlots during October.
That’s down 11% on the year and a larger cut than what some analysts were expecting heading into the report, with significant declines noted in all weight categories because of higher feed prices and drought or near drought conditions in some of the major feeding areas.
The total number of cattle on feed on November 1st was up 1% at 11.973 million head, the biggest inventory for the start of the month since the series of reports began in 1996.
Marketings during October were slightly lower at 1.873 million head.
The numbers look neutral to bullish for futures prices.
The numbers for Brownfield states:
Iowa: Total: 620,000 head, down 6% from November 1st, 2019; Placements: 105,000 head, down 8% from October 2019; Marketings: 92,000 head, unchanged from October 2019
Minnesota: Total: 125,000 head, down 4% from November 1st, 2019; Placements: 35,000 head, down 10% from October 2019; Marketings: 14,000 head, up 8% from October 2019
Nebraska: Total: 2.5 million head, up 2% from November 1st, 2019; Placements: 560,000 head, down 16% from October 2019; Marketings: 460,000 head, down 4% from October 2019
South Dakota: Total: 225,000 head, down 6% from November 1st, 2019; Placements: 84,000 head, up 9% from October 2019; Marketings: 48,000 head, up 7% from October 2019