Allendale Projects a Five Percent Smaller Cattle on Feed Number in Upcoming USDA ReportWed, 19 Feb 2014 12:44:50 CST
The US Department of Agriculture will release a pair of livestock inventory reports on Friday, February 21st at 2:00 PM central time. Both the monthly Cattle on Feed Report as well as the Monthly Cold Storage Report will be released on Friday after the markets are closed for the week.
According to Rich Nelson with Allendale, the Cattle on Feed Report will show January Placements off 4.3% lower than last year. Cattle feeders have been encouraged by the recent return to profitability driven by lower feed costs and higher cattle prices. Corn averaged $4.34 in Western Kansas in January ($4.34 in December, $7.35 in January 2013). Limitations on placements due to scarce feeder supplies will be the key issue for cattle feeders from here on out.
Allendale anticipates a Marketing total 4.2% lower than January 2013. There was no calendar day adjustment this month.
Total Cattle on Feed as of February 1 will be 5.3% smaller than last year- based on the numbers that have been calculated by Allendale.
On the Cold Storage Report- Allendale projects a 602 million pound total pork stock level for the end of January. The five year average is 566 million pounds for the end of January. Our estimate represents an increase of 45 million pounds from the previous month. The five year average month to month change for January is a 58 million pound increase. Beef stocks, at 437 million pounds, are above the five year average of 464 million pounds. This month's number represents a 1 million lb. drawdown from the previous month. The five year average change is a 6 million pound increase.
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