It rained cattle numbers this afternoon with the USDA dumping data concerning on feed population, total herd status and livestock slaughter totals.
Generally speaking, the statistical precipitation was well anticipated with no one getting wet enough to bother prices when trading resumes on Monday.
Although June placement was somewhat lighter than expected, its impact on July 1 feedlot population was minimized by a smaller-than-expected marketing effort.
Yet even though placement turned out to be 3 points below the average trade guess (i.e., 17 percent versus 20.5 percent), it did represent the second straight month of sizable in-movement, a reality that should cause beef production in the second half of the third quarter to be a good deal larger than 2009.
The placement weight breakdown looked odd with the lightest category surging ahead of early last summer: 800 lbs. and up, 16 percent; 700-799 lbs., 10 percent; 600-699 lbs., 3 percent; under 600 lbs., up 40 percent. Given excellent pasture conditions, you would have thought light weight placement would be minimal.
According to the DTN placement model, big lots now have 1.71 million head scheduled to finish in October, 17 percent more than 2009 and 6 percent larger than the four year average.
CATTLE INVENTORY AS EXPECTED
The midyear cattle inventory came in right on target with only the milk replacement category (i.e., up 103 percent) representing a minor surprise.
Given all this data, the July 1 feeder cattle supply totaled approximately 37.45 million head, 3 percent smaller than 2009 and the 3-year average.
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Posted with DTN Permission by Haylie Shipp