May COF report shows inventory up, placements higher than expected
AFBF Market-Intel, Michael Nepveux, EconomistMay 24, 2021Agriculture News
AP, Columbus, NE
WASHINGTON, DC – USDA’s latest Cattle on Feed report, released May 21, shows the number of animals on feed as of May 1 is 4.7% above year-ago levels. It is important to remember that due to COVID-19 disruptions last year, typical year-over-year comparisons need to be contextualized.
May Cattle on Feed Report
The report showed a total inventory of 11.725 million head in the United States on May 1, up from the same time in 2020 but down from last month, and down 0.7% from 2019. This 4.7% increase is a bit above analysts’ expectations of feedlot inventories increasing 3.9% from last year. The report marks the second-highest May inventory since the series began in 1996.