Dry weather likely played a role in Cattle on Feed numbers
The latest Cattle on Feed report showed an increase in feedlot placements which came as a surprise to some, but analysts say it boils down to dry weather.
The data was in-line with market expectations, however, live cattle numbers for June, August, and October are all seeing red, with August sitting around $0.40 off Friday’s open.
USDA livestock analyst Shayle Shagam says weather is playing a big role in the feedlot placement gain with dry conditions hanging around the Southern Plains. Placements were up for almost all weight categories which Shagam says could prove to be heifers that people were thinking about retaining but are now questioning whether they would have the resources with current weather conditions.