CHICAGO, Dec 20 (Reuters) – The number of cattle placed in U.S. feedlots in November decreased three percent from a year earlier, a government report showed on Friday.
Analysts attributed the decrease to sufficient wheat grazing pastures that allowed ranchers to keep cattle out of feedlots longer for fattening on their way to packing plants.
The U.S. Department of Agriculture showed November placements at 1.882 million head, down 3.0 percent from 1.943 million a year earlier. Analysts, on average, expected a 0.4 percent increase.
USDA put the feedlot cattle supply as of Dec. 1 at 10.725 million head, down five percent from a year earlier of 11.348 million. Analysts polled by Reuters, on average, expected a drop of 4.7 percent.
The government said the number of cattle sold to packers, or marketings, in November was down five percent from a year earlier, to 1.681 million head. Analysts’ forecasted a decline of 5.5 percent from 1.761 million last year.
Analysts called the government report neutral to mildly bullish for live cattle contracts early on Monday at the Chicago Mercantile Exchange.
