The placements number in Friday’s USDA Cattle-on-Feed report were 12 percent below one year ago, well below trade expectations. The total on-feed supplies are up one percent from a year ago. Heifers and heifer calves on feed were also up one percent, which indicates herd rebuilding is not happening. Marketings are down 14 percent, down from the average trade guess of an 11 percent decline. There’s a fluctuation in the cattle inventories, up 14 percent in South Dakota and up 11 in Minnesota.
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