USDA’s monthly Cattle on Feed report was pegged at 10.4 million head on July 1, 1% above last year’s total.

The report is seen as relatively positive for the near-term, but more negative for markets later this fall. June placements totaled 1.525 million head, 3% higher than a year ago. June marketings were call 1.912 million head, 9.6% higher than last year.

The inventory included 6.87 million steers and steer calves, down 1% from the previous year. This group accounted for 66% of the total inventory. Heifers and heifer calves accounted for 3.49 million head, up 5% from 2015. The report noted a large number of cattle weighing 800 lbs and over were placed on feed last month, at 640,000 head. Placements of cattle and calves weighing less than 600 pounds were 290,000 head, 600-699 pounds were 255,000 head, 700-799 pounds were 340,000 head.