CHICAGO, Nov 21 (Reuters) – The number of cattle placed in U.S. feedlots in October declined versus last year but not as much as was expected, said analysts.
While pricey calves discouraged feedlots from buying them, high-priced slaughter cattle and deteriorating summer pastures drew more livestock into feeding pens than anticipated, they said.
The U.S. Department of Agriculture cattle on feed report showed October placements at 2.357 million head. It was down 1.0 percent from 2.378 million a year earlier.
Analysts, on average, had expected a 4.0 percent October placement decrease.
USDA put the feedlot cattle supply as of Nov. 1 at 10.633 million head, up marginally from 10.585 million a year earlier. Analysts, on average, forecast a decline of 0.2 percent.
The government said the number of cattle sold to packers, or marketings, was down 8.0 percent in October from a year earlier, to 1.685 million head. Analysts projected a drop of 7.0 percent from 1.827 million last year.
In October, ranchers placed more cattle than expected which traders may view as mildly bearish for Chicago Mercantile Exchange live cattle futures on Monday, analysts said.
