U.S. cattle on feed inventory larger

Report bullish after placements were below expectations.

Cattle and calves on feed for the slaughter market in the U.S. for feedlots with capacity of 1,000 head or more totaled 10.4 million head on July 1, an increase of 1% from last year. An Urner Barry pre-report survey showed that analysts forecasted a 1.6% increase.

The inventory included 6.87 million steers and steer calves, down 1% from the previous year. The group accounted for 66% of the total inventory. Heifers and heifer calves accounted for 3.49 million head, a 5% difference f

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