August cattle placements came in well below expectations in the latest Cattle on Feed Report, signaling a potential shift in the cattle market as fewer animals move into feedlots. Oklahoma State University Extension livestock marketing specialist Derrell Peel says August marked the second-straight month of sharply lower placements. Placements fell 9.2 percent from a year ago, while marketings declined 3.3 percent. The September 1 on-feed total was 11.2 million head, seven-tenths of a percent above last year. Peel says the larger on-feed number has been driven by marketings falling faster than placements. He expects that to change in the coming months. “I expect that we’ll get the on-feed total back below a year ago here in the next couple of months and be that way for some period of time,” Peel says. The August placement figure also fell below the entire range of pre-report estimates. Peel says the unexpected decline could be bullish for cattle markets.
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