U.S. Cattle on Feed Update – Nov ’19
Executive Summary U.S. cattle on feed figures provided by USDA were recently updated with values spanning through the end of Oct ’19. Highlights from the updated report include:
- U.S. cattle and calves on feed for the slaughter market as of Nov 1st increased on a YOY basis for the first time in the past three months, finishing up 1.2% and reaching an eight year high seasonal level. The YOY increase in the cattle on feed supply was slightly below average analyst expectations of a 1.4% increase, however.
- Oct ’19 placements in feedlots increased 10.2% YOY, finishing higher on a YOY basis for the second consecutive month and reaching a nine year high seasonal level. The YOY increase in placements was below average analyst expectations of a 12.2% increase, however.
- Oct ’19 marketings of fed cattle declined 0.6% on a YOY basis, finishing lower on a YOY basis for the second time in the past three months. The YOY decline in marketings was slightly greater than average analyst expectations of a 0.4% decline.