USA: February cattle placements drop 7% on year

The USDA says the number of cattle placed into U.S. feedlots in February fell sharply.The total of 1.734 million head was down 7% on the year, towards the low end of pre-report estimates, and the sixth months in a row with a decline.Drought continues to be an issue in some of the major U.S. feeding areas, feed costs are still relatively high, and a large number of cattle were pulled forward during 2022.Most of the placements were cattle weighing between 700 and 900 pounds, eventually heading to market this summer and fall.Marketings during February were 1.735 million head, a decrease of 5% on the year, and the total number of cattle in feedlots on March 1st was 11.645 million head, 5% less than last year.The numbers look neutral to supportive for cash prices, but that will also depend on beef demand.Comparisons for Brownfield states:Iowa: On Feed: 620,000 head, unchanged from March 1st, 2022; Placements: 105,000 head, 9% lower than February 2022; Marketings: 103,000 head, steady ...