The month Cattle-on-Feed report due to be released by USDA on Friday afternoon is expected to peg the June 1 U.S. feedlot inventory more than 1% above a year earlier following slow June feedlot marketings.
Trade estimates of the June 1 feedlot inventory average 101.1% of a year earlier in a range from 100.1%-102.0%, according to a survey of 11 analysts by Reuters News Service. At the average of trade expectations, the feedlot inventory would total 11.327 million head, 84,000 head larger than a year earlier.
Pre-report estimates of June feedlot marketings average 91.7% of a year earlier in a range from 90.0%-94.5%. At the average of trade estimates, June marketings would total 1.795 million head, 162,000 below a year earlier and would be the smallest for the month in nine years.
June feedlot placements are also expected to come in below last year amid tightening U.S. cattle supplies. Pre-report estimates of June placements average 97.2% of a year earlier in a wide range from 89.9%-102.0%. At the average of trade expectations, June placements would total 1.631 million head, 48,000 below a year earlier and would be the smallest for the month in eight years.
