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Cattle placements fall 6% on year

The USDA says cattle placements onto feed during October 2018 were down 6% on the year at 2.248 million head, at the low end of what analysts were expecting ahead of the report, but still the largest total in-movement this year. The October 2017 placements were up 10% from October 2016 and were the largest total since for the month since 1999.

Most of this year’s placements were cattle weighing less than 800 pounds, headed to market starting in mid-2019. By weight, placements of cattle and calves weighing less than 600 pounds were 640,000 head, 600 to 699 pound placements were 525,000 head, and placements in the 700 to 799 pound category were 450,000 head, while 800 to 899 pound placements were 363,000 head, 900 to 999 pound placements were 180,000 head, and placements of cattle weighing more than 1,000 pounds were 90,000 head.

October marketings were up 5% at 1.887 million, helped out by firm beef demand, with one more business day this year than last year.

The total number of cattle on feed as of November 1st was 3% above a year ago at 11.692 million head.

Other disappearances were 69,000 head, down 5%.

The numbers look mostly neutral to slightly bullish for futures trade.

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