The number of cattle placed in U.S. feedlots last month was down 5 per cent from a year earlier, a government report showed on Friday, which analysts attributed to healthy grazing pastures that kept cattle out of feedyards.
The U.S. Department of Agriculture showed June placements at
1.587 million head, compared with 1.664 million a year earlier. Analysts, on average, expected a 5.3 per cent decrease.
USDA reported the July 1 feedlot cattle supply at 97 per cent of a year ago, or 10.368 million head, which matched analysts’ average estimate polled by Reuters.
The government said the number of cattle sold to packers, or marketings, in June was 96 per cent of a year earlier, or 1.895 million head, versus the forecast of 94.5 per cent.
Analysts called the report neutral to mildly supportive for live cattle contracts early on Monday at the Chicago Mercantile Exchange.