Most June cattle placements under 800 lbs.
The USDA says the most recent cattle on feed numbers were close to pre-report expectations, but do indicate some impact from drought in parts of the Plains and Midwest.
Placements into feedlots during June were down 7% on the year at 1.67 million head, with more than half of placements weighing less than 800 pounds, which will either be marketed as lighter weight cattle putting less beef on the market or push back marketings entirely.
By weight, placements of cattle weighing less than 600 pounds were 345,000 head, 600 to 699 pound placements were 260,000 head, and 700 to 799 pound placements were 375,000 head, while 800 to 899 pound placements were 405,000 head, 900 to 999 pound placements were 195,000 head, and placements of cattle weighing 1,000 pounds and heavier were 90,000 head.
June marketings were 3% higher than a year ago at 2.022 million head, while the total number of cattle on feed in the U.S. on July 1st was 1% lower at 11.29 million head, with a 1% decrease in steers and steer calves and a 2% decline in heifers and heifer calves.
The numbers look neutral to slightly friendly to prices, depending on the marketing of those lighter weight cattle.