CHICAGO, Sept 19 (Reuters) – The number of cattle placed in U.S. feedlots in August declined 3.0 percent, which was less than expected, from a year ago to the lowest level for the month in 18 years, a government report showed on Friday.
Analysts attributed the shortfall in part to sufficient grazing pastures that allowed ranchers to fatten cattle outside of feedlots longer.
The U.S. Department of Agriculture report showed August placements at 1.720 million head. It was down 3.0 percent from 1.772 million a year earlier and the smallest since USDA began the current data series in 1996.
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U.S. livestock: Cattle futures come down from highs
Cattle futures on the Chicago Mercantile Exchange were weaker on Monday, coming down from recent highs.
Analysts, on average, had expected a 4.5 percent August placement decrease.
USDA put the feedlot cattle supply as of Sept. 1 at 9.799 million head, down 1.0 percent from 9.876 million a year earlier. Analysts polled by Reuters, on average, forecast a decline of 1.1 percent.
The government said the number of cattle sold to packers, or marketings, was down 10.0 percent in August from a year earlier, to 1.692 million head. Analysts projected a drop of 9.3 percent from 1.871 million last year.
In August, ranchers placed more cattle than anticipated which is slightly bearish for Chicago Mercantile Exchange live cattle futures on Monday.
