Record May First Cattle Feedlot Inventory

USDA is reporting that the nation's cattle feed lots on May 1st were feeding 12 million head.

"Which was the highest May 1st number since the series began in 1996."

And 2% above May 1st a year ago. USDA livestock analyst Shayle Shagam said that's partly of the result of large numbers of placements of cattle into feed lots during March, and now during April, placements were 1.8 million head, which is about 1% fewer than April last year. This surprised some analysts who were expecting placements to be down 4.5%, but Shagam says either way, the USDA reports suggest a dwindling number of animals outside feed lots, and of course, adding to the number of placements:

"We are looking at it in the fact that for some parts of the country you are still having to put those cattle in feed lots because there may not be foraging alternatives for you."

All this suggesting that continued reduction in the beef cattle herd and with it:

"Beef production is going to fall in 2023."

Cattle prices and beef prices are expected to do the opposite.

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