Market News & Headlines >> Feedlot Placements, Inventory larger than expected again

Friday afternoon’s USDA Cattle-on-Feed report had a largely bearish look to it as it pegged the May 1 feedlot inventory at a record high on larger-than-expected April feedlot placements.

USDA pegged the May 1 feedlot inventory at 102.0% of a year earlier compared with trade estimates that averaged101.3% in a range from 100.5%-101.8%. In actual numbers, the May 1 feedlot inventory was 11.967 million head and was 236,000 larger than a year earlier.

USDA reported April feedlot placements at 99.1% of a year earlier compared with trade estimates that averaged 95.4% in a range from 89.1%-97.8%. In actual numbers, April placements totaled 1.809 million head and were 16,000 head smaller than a year earlier.

April feedlot marketings came in near the low end of trade expectations as they were pegged by USDA at 97.8% of a year earlier compared with trade estimates that averaged 98.0% in a range from 97.7%-99.0%. In actual numbers, April marketings totaled 1.893 million head, 43,000 head less than a year earlier.