The U.S. Department of Agriculture released the latest “Cattle on Feed” report on Friday, showing feedlot inventory totaled 11.6 million head on June 1, 2023, down 3% from June 1, 2022. While this was in line with the pre-report trade estimate, placements levels were a different story. According to the report, placements during May totaled 1.96 million head, 5% above 2022. Analysts had expected only a 2% increase.
USDA livestock analyst Shayle Shagam explained that “some very strong pockets of dryness, especially in the Southern Plains,” likely contributed to the…
