By Kirk Maltais

The USDA reported Friday a lower rate of growth for U.S. cattle inventories than expected.

In its monthly Cattle on Feed Report, the USDA said that total supplies of cattle on feedlots were 11.85 million head, up 1% from the same time last year. Analysts surveyed by The Wall Street Journal were forecasting inventories to rise 1.5% as of June 1 versus the same time last year.

However, it is a record supply as of June 1 since the USDA began reporting the figures in 1996.

Meanwhile, placements of cattle appear to be slowing as 1.87 million head were logged in May. That is 98% of the same time last year, which is less than expected by analysts.

Marketings were increased, however, totaling 1.91 million head, up 2% from the same time last year. That is less than forecast by analysts for the month.

Livestock futures trading on the CME closed trading Friday mixed in response to heavy selling by funds the prior day. Most-active live cattle futures closed down 0.4% to $1.33375 per pound, while lean hog futures closed up 3% to $1.06775 per pound.

Write to Kirk Maltais at kirk.maltais@wsj.com

(END) Dow Jones Newswires

June 24, 2022 15:33 ET (19:33 GMT)