The latest Cattle on Feed report from the USDA had placements in July outside the upper end of pre-report expectations.

University of Missouri livestock economist Scott Brown says that could mean two things for the markets. “We could be seeing not-as-strong cattle prices in the near-term,” he says.  “But it probably only makes them stronger as we get further into 2023.”

He tells Brownfield drought is forcing a lot of lightweight calves to be pulled ahead.  “Placement in July for cattle under 600 pounds were up 35,000 head,” he says.

…