The following are estimates by Allendale for the coming Cattle on Feed and Cold Storage reports:
March Placements are expected to be 8.8% larger than last year at 2.058 million head. This would be the largest March placement since the current data series began in 1996. Cattle feeders are responding to stronger than expected pricing on March finished cattle. Cash cattle prices ran $6 over February levels. March placements supply the September through December slaughter period.
Allendale anticipates a Marketing total 10.0% larger than March 2016 at 1.922 million. This was the largest February marketing in six years. There was no calendar adjustment this month.
Total Cattle on Feed as of April 1 is unchanged versus last year at 10.851 million. The March 1 total was unchanged versus one year ago.
Allendale projects a 541 million lb. total pork stock level for the end of March. The five-year average is 624 million lbs. Our estimate represents a decrease of 31 million lb. from the previous month. The five-year average month to month change for March is a 31 million lb. decrease. Our estimate represents the smallest end of March stocks in seven years.
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