The USDA says the placements of cattle into U.S. feedlots in July moved higher due to the widespread herd liquidation caused by drought in some major U.S. feeding areas.
The total of 1.765 million head was up 2% on the year and above what analysts were expecting heading into the report. That included a significant number of cattle weighing less than 600 pounds, expecting lower feed costs in the coming months. By weight, placements of cattle weighing less than 600 pounds were 410,000 head, 600 to 699 pound placements were 280,000 head, and placements of cattle weighing 700 to 799 pounds were 400,000 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 75,000 head.
