CHICAGO (Reuters) — The number of cattle placed in U.S. feedlots in February grew 15 percent from a year ago asrecord-high prices for cattle encouraged feedlots to bring in more calves for fattening, a government report showed on Friday.
The U.S. Department of Agriculture report showed February placements at 1.650 million head, up 15 percent from 1.438 million a year earlier. Analysts, on average, expected a 9.2 percent increase.
The USDA put the feedlot cattle supply as of March 1 at 10.790 million head, down one percent from 10.845 million a year earlier. Analysts polled by Reuters, on average, had expected a drop of 1.2 percent.
The government showed the number of cattle sold to packers, or marketings, in February at 1.549 million head, down three percent from 1.603 million last year. On average, analysts expected a 3.3 percent decline.
Analysts expect deferred Chicago Mercantile Exchange live cattle futures to open steady to 0.500 cent per lb. lower on Monday, based on Friday’s USDA report.
