Year-to-date slaughter also running ahead of last year.
The January 1, 2017 Cattle Inventory report was released January 31 and it once again proved three things. 1) I am never right about cattle inventory, few are. 2) I am sometimes close with my projections, but close is a relative term. 3) The market is always changing, so must we.
Total U.S. meat production for 2017 is increased from the previous month as higher forecast beef production more than offsets lower forecast pork and turkey production.
The number of cattle placed into U.S. feedlots in January rose 11.0 percent from a year earlier, the U.S. Department of Agriculture reported on Friday, the largest number in three years and nearly matching analysts' average forecasts.
U.S. wheat supplies were seen shrinking below market estimates as the export outlook brightened despite ample global stocks and a firm dollar that had been seen as a brake on overseas demand, the U.S. Agriculture Department said on Thursday.
Total red meat and poultry production for 2017 is lowered, largely reflecting decreased pork and poultry forecasts. Beef production is raised.
Traders are calling the latest cattle on feed report bearish.
The estimate for total red meat and poultry production for 2016 is raised slightly from last month.