The most recent Cattle on Feed Report was in line with expectations. According to USDA, there are 11.1 million cattle on feed for slaughter as of August 1, down 400,000 head from last month. That is the highest August 1 inventory since the series began. Placements were down two percent from 2018, totaling 1.7 million head. Marketings of fed cattle during July were up seven percent from one year ago at two million head. Other disappearance is at 71,000 head, 13 percent more than last year.
