USDA’s latest Cattle on Feed report had July placements outside the upper end of pre-report expectations. The report could mean two things for the markets, according to University of Missouri Livestock Economist Scott Brown. Not-as-strong cattle prices could be in the near term, but stronger prices are still expected as we get into 2023.
Drought continues to force many producers to pull ahead lightweight calves, which were totaling 35,000 head. Meanwhile, cattle in the heavier weight classes have declined, likely due to liquidation decisions amongst tough-to-get hay and high feed prices. The August report was 1.4% above the cattle on feed numbers last year.
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