The number of cattle placed in U.S. feedlots last month rose unexpectedly, a government report showed Friday, after many cattle that were delayed by harsh winter weather in February arrived in feedyards in March.
The U.S. Department of Agriculture showed March placements up six per cent from a year earlier to 1.899 million head. The average analyst estimate was for a 1.5 per cent decline.
USDA put supply of cattle in feedlots on April 1 at 10.909 million head, or 95 per cent of the year-ago total. Analysts polled by Reuters, on average, expected 94 per cent.
The government said the number of cattle sold to packers, or marketings, in March was down eight per cent from a year earlier, to 1.771 million head versus forecast for a 6.4 per cent decrease.
Analysts said the larger-than-expected placements and lower marketing results could pressure live cattle contracts at the Chicago Mercantile Exchange when the market reopens on Monday morning.
— Theopolis Waters writes for Reuters from Chicago. Additional reporting for Reuters by Michael Hirtzer.
