Yesterday, the US Cattle on Feed Report was released and in my opinion they should get the attention of producers but also consumers. To get a better handle of the situation I asked Kevin Grier of the George Morris Center, to provide a summary:
- Cattle and calves on feed inventory was 4 percent below June 1, 2008.
- Placements in feedlots during May totaled 14 percent below 2008. This is the second lowest placements for the month of May since the series began in 1996.
- Marketings of fed cattle during May totaled 9 percent below 2008. This is the lowest fed cattle marketings for the month of May since the series began in 1996.
- The actual numbers were close to analysts’ pre-report estimates as tabulated in the Daily Livestock Report, June 18. The placement total might be considered bullish for the deferred months which could result in futures getting a boost on Monday.
I would like to thank Kevin for his comments and encourage people to subscribe to any of Kevin’s publications; Canadian Cattle Buyer, Grocery Trade Review, Canadian Boxed Beef Report, Canadian Chicken Market Review or the Canadian Pork Review.
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