April Placements Key in Cattle on Feed Report

USDA’s Cattle on Feed Report this afternoon is expected to show the May 1 feedlot inventory up 1.3% from year-ago, which would mark the fifth consecutive month of year-over-year gains in feedlot supplies. But the figure traders keenly await is April placements after the March figure greatly topped expectations. On average, analysts expect April placements to have declined 4.6% from year-ago. Marketings are expected to be down 2%.