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Leffler Reaction To Lower Cattle On Feed, US Cattle Inventory Numbers

No surprises in the latest Cattle on Feed report and the July Cattle Inventory reports that came out from the US Department of Agriculture on Friday. Both reports came in close to market expectations according to Tom Leffler of Leffler Commodities. Leffer says the latest Cattle on Feed report was "neutral to bearish", coming in close to expectations, so he does not look for a big impact on the market on Monday morning. You can hear his analysis by clicking on the LISTEN BAR below.

The July first Cattle on Feed numbers came in at 98 percent, the trade was looking for 98.2 percent. This means 10.127 million head of cattle are on feed. That's 1.4 percent below the five year average. Nebraska was up four percent over a year ago, Kansas down six percent and Texas was down three percent.

"This is the lowest July on feed number the past four years," Leffler said. "It's also the lowest on feed number on a month since back on September 2013."

June placements came in a little lower than expected, coming in at 94 percent. The trade was looking for 95.6 percent. This means 1.455 million head of cattle were placed on feed. This 8.3 percent lower than the five year average. This is also the lowest June placement of the past five years and the lowest placement month since February 2013. Nebraska placements were up 14 percent, Kansas was down ten percent and Texas was down 13 percent versus a year ago.

When you look at the weight breakdown of placements, Leffer says the under 600 pound group was up 27 percent versus a year ago, 600 - 699 pound group down 8.4 percent, 700 - 799 pound group was down 22 percent and the 800 plus pound group was down 18.3 percent versus a year ago.

June marketings came in at 98 percent, the trade was looking for 98.1 percent. This means we marketed 1.847 million head of cattle. This is 7 percent below the five year average. This is also the second largest marketing month for 2014. Kansas marketing were up eight percent, Texas down 12 percent and Nebraska was up four percent compared to a year ago.
 

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