July placements at 1.42 million head fell 11 percent from last year, four points under the average estimate and the lowest July since the series began in 1996. Marketings at 1.62 million were down 7 percent, also the lowest July in the series, while the August 1 inventory at 11.1 million head landed right on expectations at 2 percent above a year ago.
Colorado cut intake 23 percent and Kansas and Nebraska, the two biggest feeding states, each came in 14 percent under last year, with every weight class below year ago levels. Fewer cattle entering now thins the fed supply for winter, while the slow marketing pace keeps the current inventory heavy.
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