The U.S. Department of Agriculture has released the February “Cattle on Feed” report, revealing a feedlot inventory totaling 11.8 million head on February 1, 2024, up slightly by 0.4% from February 1, 2023, and in line with analysts’ expectations.
USDA NASS
Following challenging winter weather conditions in January, the average pre-report trade estimate in a Bloomberg survey was for a 12% year-over-year decline in feedlot placements during January. The USDA report revealed that placements in feedlots during January totaled 1.79 million head, only 7% below 2023.
Net placements were 1.71…
