USA: Higher feedlot placements raise 2024 marketings outlook

Frozen Bone-In Beef
United States
Market & Price Trends
Published Nov 3, 2023

Tridge summary

The latest Cattle on Feed report from the USDA shows a decline in feedlot inventory and lower net placements and marketings compared to the same time last year, as expected due to tighter cattle supplies. The report also predicts an increase in anticipated fed cattle marketings and bull slaughter in 2024. Additionally, U.S. beef exports are lower than last year, with China seeing the largest decrease, while beef imports have increased, particularly from Australia and New Zealand.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

The latest Cattle on Feed report, published by the USDA National Agricultural Statistics Service (NASS), estimated the Sept. 1 feedlot inventory at 11.094 million head, more than 2% less than the 11.342 million head in the same month last year. Feedlot net placements in August were 5% lower year over year at 1.948 million head, which was above industry expectations. Marketings in August tallied 1.884 million head, down about 6% year over year. The year-over-year decline in marketings was largely expected with tighter cattle supplies. However, packers continued to curb the pace of fed cattle slaughter into September at a lower volume than previously considered. Based on placement data for July and August, along with weekly receipts from the USDA Agricultural Marketing Service report National Feeder and Stocker Cattle Summary, expectations for third-quarter 2023 placements are raised from last month. Most of these placements are expected to come from those previously anticipated in ...
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