Larger June feedlot placements than expected

After the close two USDA reports covering longer term supply were released. Monthly Cattle on Feed was negative with June placements +2.7% vs. last year. The trade expectation was -1.6% (ALDL -0.9%). May placements were also bearish at +4.6%. These two months have disrupted eight months of declines that ran -4.5%. May and June placements determine a part of Q1 slaughter. We suggest USDA will have to up their Q1 beef production view, currently at -9.7% of one year ago.

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