U.S. cattle on feed were down 5% from a year ago, a trend that resurfaced in the Iowa Cattle on Feed report as well. In the 11 major states, cattle on feed were down 5% April first at 10.9 million head, which was a larger than expected figure. Placements in Texas were up 26% and up 13% in Kansas. Marketings were also down more than anticipated at eight percent.
In Iowa, the trend continued, with the cattle inventory down 5% and an 8% drop in marketings at 145,000.