Cattle Herd Rebuilding? Trade Eyes July 1 Inventory Report for Clues

The July 1 USDA Cattle on Feed report is expected to show a slight bearish increase in on-feed inventory, while the more-anticipated biannual Cattle inventory report will reveal whether herd rebuilding has begun.

By ShayLe Stewart DTN Livestock Analyst

OMAHA (DTN) — Friday’s July 1 USDA Cattle on Feed report is likely going to come as a bearish note to the cattle complex. That’s because, once again, a slight increase in the total number of cattle on feed is anticipated.

With marketings lagging year-ago levels and cattle simply spending more time on feed these days, that’s a trend that’s not likely going to change any time soon.

Please note that on the same day that the Cattle on Feed report is set to be released, the biannual Cattle inventory report is also set to be released. Truthfully, that report will draw more attention and interest than the Cattle on Feed report will, as everyone wants to know the answer to this question: Has there been any rebuilding of the cow herd yet?

USDA will release its July 1 Cattle on Feed report and biannual Cattle inventory report at 2 p.m. CDT on Friday.

	USDA Actual	Average Estimate	Range
On Feed July 1		102.2%	101.1-102.5%
Placed in June		98.0%	93.7-99.8%
Marketed in June		97.0%	94.9-98.0%
* Estimates compiled by Dow Jones.