(WASHINGTON D.C.)– The latest Cattle on Feed Report from USDA came in with a few bearish surprises. According to the report released on Friday, October 20th, 2023; on feed numbers were 1% above October 2022 with 11.6 million head on feed. That is the second-highest inventory on October 1st since the series began in 1996.
Placements came in above the wide range of pre-report expectations at 2.21 million head, 6% above 2022. That appears to be bearish to the market overall. Marketings came in at 1.66 million head, 11% below 2022. Other disappearance totaled 57,000 head in September which was 8% above 2022.