February Feeder Inventories Higher Than Expected

Feedlots started March with more cattle on feed than trade analysts expected. The monthly Cattle on Feed report from USDA indicated that just over 11-point-eight million cattle were in the nation’s feedlots to start the month, slightly higher than last year and 120-thousand less than a month ago. Analysts had been predicting a slight decline. Placements were down eight percent at one-point-seven-one million, above trader expectations, while marketings were up five percent at one-point-seven-eight million.