Cattle on Feed Report: Feedlot Supplies Slightly Tighter Than Expected
USDA reports feedlot inventories totaled 10.637 million head as of Sept. 1. At 99% of year-ago, that figure was slightly less than the average pre-report guess. While August marketings were lighter than expected, the number of calves placed into feedlots last month was also less than anticipated.
A breakdown of calf placements during August shows: lightweights down 32.6%, 6-weights up 5.5%, 7-weights down 0.2% and heavyweights down 4.3% from year-ago levels. That would suggest the supply of lightweight calves is very light and feedlots aren't overly interested in putting animals on feed for an extended period given high feed prices.
The lighter-than-expected Marketings number, along with slaughter weights running well above year-ago suggests feedlots are falling behind on cattle sales. With declining feedlot inventories, that's not a major concern, but it could become a greater issue if the trend continues.
| COF Report | USDA | Average | Range |
| % of year-ago levels | |||
| On Feed | 99 | 99.9 | 98.6-101.6 |
| Placements | 89 | 92.7 | 88.2-102.4 |
| Marketings | 95 | 98.5 | 97.3-98.9 |
