The placements figure was the biggest surprise in Friday’s USDA Cattle-on-Feed Report. Placements in January totaled 1.79 million head, down seven percent from last year. The average trade guess was over 11 percent. Placements were higher-than-expected, but still at an eight-year low. The number of cattle on feed was just a fraction of one percent higher than a year ago. Marketings came in as expected, slightly below year ago levels.
