The number of cattle in feedlots as of April 1 was right in line with the average pre-report guess. But how feedlot inventories got there was a little different than expected -- just a little. March Placements were mildly higher than the average guess, while Marketings last month also were slightly stronger than anticipated.
The weight breakdown on calves entering feedlots last month, showed increases in both light- and heavyweight placement, while 6- and 7-weight placements were down sharply from year-ago. Calves weighing less than 600 lbs. entered feedlots at a pace 2.6% ahead of year-ago; 6-weight calf placements were down 16.7%; 7-weight placements were down 15.1%; and placements of calves 800 lbs. and over were up 2.9% from year-ago.
Because the numbers are close to the average trade guesses, the report is neutral. If anything, the data may lead to mild bull spreading.
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