Friday’s Cattle on Feed report was in line with expectations. According to USDA, there are 11.5 million cattle of feed for slaughter as of July 1. That is a two percent increase from one year ago and the highest July 1 inventory since 1996. The inventory included just over seven million steers, down two percent from 2018. Heifers accounted for 4.4 million head, up eight percent from last year. Placements were down two percent from 2019. Marketings of fed cattle during June were down three percent from one year ago.
