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Agricultural News

Allendale Projects Significant Increase in February Placements Ahead of USDA Reports

Tue, 18 Mar 2014 16:16:14 CDT

Allendale Projects Significant Increase in February Placements Ahead of USDA Reports
The USDA's Cattle on Feed and Cold Storage Estimate reports are due out March 21st and February placements are expected to be 7.9% higher than last year, according to analysts at Allendale.

Profits on outgoing cattle during February were pegged at $191 per head. That is the highest profit since April 2010.   Those profits were driven in large measure due to significantly lower average February corn prices of $4.53 in western Kansas. The price the previous month had been $4.54 and the price in 2013 a whopping $7.30.

September through January placements averaged 5% over the previous year's figure, so it is uncertain what February's 7.9% projection will mean in relation to the corresponding late summer to early fall slaughter period.

Allendale is projecting a 4% lower marketings total in February compared with February of 2013 and the total cattle on feed number as of March 1st is expected to come in 1.2% lower than last year.

Total pork stock levels are expected to be 633 million pounds, far above the five-year-average of 594 million pounds at the end of February. That is also a 31-million-pound increase from the previous months.

Beef stocks are projected to come in at 413 million pounds, a drawdown of 17 million pounds from January as compared to a five-year-average drawdown of 12 million pounds.

Allendale projects cattle on feed to be 98.8% of the previous year, placements at 107.9% and marketings at 96%.



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