Cattle on Feed Report     07/23 14:05

                      USDA Actual   Average Estimate       Range
On Feed August 1         100.0%          100.7%     100.5-102.0%
Placed in July            98.0%          100.0%      98.6-108.5%
Marketed in July         107.0%          106.8%     106.1-107.6%

OMAHA (DTN) -- Cattle and calves on feed for the slaughter 
market in the United States for feedlots with capacity of 1,000 
or more head totaled 11.1 million head on August 1, 2019. The 
inventory was slightly above August 1, 2018. This is the highest 
August 1 inventory since the series began in 1996, USDA reported 
on Friday.

Placements in feedlots during July totaled 1.71 million head, 2% 
below 2018. Net placements were 1.63 million head. During July, 
placements of cattle and calves weighing less than 600 pounds 
were 360,000 head, 600-699 pounds were 260,000 head, 700-799 
pounds were 410,000 head, 800-899 pounds were 385,000 head, 900-
999 pounds were 200,000 head, and 1,000 pounds and greater were 
90,000 head.

Marketings of fed cattle during July totaled 2.00 million head, 
7% above 2018.

Other disappearance totaled 71,000 head during July, 13% above 
2018.

"Total cattle on feed numbers are likely to be viewed as 
neutral, while placement numbers are likely to be viewed as 
slightly bullish," said DTN Analyst Rick Kment. "But given the 
extremely weak market structure, the numbers could cause 
additional softness through the complex."