(WASHINGTON D.C.)– On Friday, USDA released the April Cattle on Feed report which showed a total cattle inventory of 11.8 million head as of April 1st, 2024. That number came in 1% above the total on April 1st, 2023 and just below the pre-report average estimate of 102%.
The placements number was lower than pre-report expectations, coming in 12% below March levels at 1.75 million head. Marketings came in 14% below 2023 levels at 1.71 million head. Both numbers were below pre-report average estimates and traders may consider the overall report to be friendly and bullish to the cattle market.
Read the full report here: https://usda.library.cornell.edu/concern/publications/m326m174z
