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Cattle on Feed Report     11/22  14:05

Nov. 1 Cattle on Feed Up 1%

By ShayLe Stewart
DTN Livestock Analyst

                      USDA Actual   Average Estimate       Range
On Feed Nov. 1            101%           101.4%      98.2-102.5%
Placed in October         110%           112.2%      96.2-119.0%
Marketed in October        99%            99.6%      99.3-100.1%

OMAHA (DTN) -- Cattle and calves on feed for the slaughter 
market in the United States for feedlots with capacity of 1,000 
or more head totaled 11.8 million head on Nov. 1, 2019. The 
inventory was 1% above Nov. 1, 2018, USDA NASS reported on 
Friday.

Placements in feedlots during October totaled 2.48 million head, 
10% above 2018. Net placements were 2.42 million head. During 
October, placements of cattle and calves weighing less than 600 
pounds were 600,000 head, 600-699 pounds were 540,000 head, 700-
799 pounds were 517,000 head, 800-899 pounds were 475,000 head, 
900-999 pounds were 230,000 head, and 1,000 pounds and greater 
were 115,000 head.

Marketings of fed cattle during October totaled 1.88 million 
head, 1% below 2018.

Other disappearance totaled 59,000 head during October, 14% 
below 2018.

"November's Cattle on Feed report comes as a bit of a bullish 
surprise in a bear's world," said DTN Livestock Analyst ShayLe 
Stewart. "Given that analysts' projections for October 
placements ranged anywhere from 96.2% to 119.0% with an average 
estimate of 112.2%, actual placements only being up 10% comes as 
a shock. Now, that's not to say that 10% isn't a significant 
increase when compared to placements in 2018, because it most 
certainly is. The interesting facet of this is that it's on the 
lower side of the projected outcome."
 
"It's hard to call this report either bullish or bearish, 
because it's certainly both," Stewart said. "It's bearish in the 
sense that 10% more placements in October 2019 than of October 
2018 is no small change to ignore, period. It's bullish in the 
sense that many projected this figure to be nearing an 
astonishing 20%. Regardless of how one chooses to view the 
report, it's safest to say this report is a bullish surprise in 
a bear's world."

ShayLe Stewart can be reached at shayle.stewart@dtn.com


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