The USDA Cattle On Feed Report came out on the high end of analysts forecasts.
Click to find the full report:
http://usda01.library.cornell.edu/usda/current/CattOnFe/CattOnFe-07-20-2012.txt
Report Summary
USDA’s monthly cattle on feed report showed an increased number of cattle on feed against smaller placements and marketings.
The total number of U.S. cattle on feed as of July 1 came out at 10.7 million head, up 3% on the year, near the high end of pre-report estimates. The steer and calf inventory was up 4% on the year at 6.74 million head, making up 63% of the total inventory, and heifers and heifer calves were 1% above a year ago at 3.92 million head.
June placements were 1.66 million head, down 2% from last year with the largest category the under 600 pounders at 460,000 head. The 600 to 699 pound placements were 320,000 head, 700 to 799 pounders were pegged at 390,000 head, and the 800 pound and up placements accounted for 494,000 head.
Marketings were pegged at 1.97 million head with a 6% year to year decline and the lowest for the month of June since the series of reports began in 1996.
Other disappearances last month were 66,000 head, 8% less than in June 2011.
The survey was taken prior to widespread drought really taking hold in the Midwest and Central Plains states.