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January 22, 2024
Mike Pearson tells listeners what the USDA had to report when it came to the January cattle report released Friday.
It has been a rollercoaster ride over the past two years for cattle producers. The drought in the south and Great Plains have caused cattlemen and women to keep tight reins on their herds. Producers had record prices over the summer but the prices pulled back this fall.
However, analysts called this month's cattle report a "neutral report."
And traders were right with 11.93 million cattle reported on feed in the report.
That's 102 percent of the number year ago on feed-- which is what traders guessed.
There was a decline of 81,000 cattle on feed from November into the December report where data was collected.
Dr. Derrell Peel, of Oklahoma State University, noted the number of heifers on feed. This means that cattle producers are still not in a position to rebuild herds to the pre-drought numbers.
Another number to watch in the report is the "placements" figure which showed that 1.7 million cattle moved into feedlots.
This could provide a tailwind for cattle feeders as the industry moved into the 2024 summer months.
Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, farm broadcaster and host of This Week in Agribusiness.
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