Allendale, Inc has released their expectations for USDA's Cattle on Feed and Cold Storage reports. The Cattle on Feed report is due for release on July 19 at 2 pm CDT; Cold Storage is due to be released on July 22 at 2 pm CDT.
June Placements are expected to be 10.7% lower than last year. Available feeder supplies are smaller than last year. USDA's feedlot margin computation suggests 26 months in a row of losses. Cash corn in Western Kansas rose from $6.98 per bushel in May to $7.16 in June.
Cash cattle prices fell from $125 in May to $121 in June. Cattle placed in June will be marketed from November through February.
Allendale anticipates a Marketing total 4.7% lower than June of 2012. There was one less weekday in June 2013 than June 2012.
Total Cattle on Feed as of July 1 will be 4.0% smaller than last year. This would be smaller than the June 1 survey which showed 3.1% fewer cattle.
Allendale projects a 627 million lb. total pork stock level for the end of June. The five year average is 522 million lbs. for the end of June. Our estimate represents a decrease of 35 million lbs. from the previous month. The five year average month to month change for June is a 37 million lb. decrease.
Beef stocks, at 470 million lbs., are above the five year average of 428. This month's number represents an 8 million lb. decrease from the previous month. The five year average change is for a 2 million lb. decrease.
**Pork Belly stocks are estimated - in million pounds while Cattle on Feed is estimated as a percentage compared to last year.
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