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Markets are closed tomorrow for the Juneteenth government holiday, as are banks and post offices. As a result, USDA is releasing the monthly cattle on feed report after the close today.
Average trade estimates generally agree the total number of cattle on feed will be up one to two percent, but there is nowhere near consensus on the number of cattle placed into feedlots during the month of May. In fact, Bottom Line analysts say it’s one of the widest spreads they’ve seen in recent memory, anywhere from down 11 to up 4 percent. That brings the average estimate down 7 to 8 percent.
Cattle marketed in May looked to be down 10 to 11 percent as well. This is the Bottom Line report. Live cattle and feeder cattle futures saw big advances early week. We watched the 52-week high for August live cattle, 251.65.
Audio Reporting by Mark Oppold for Southeast AgNet.