Cattle numbers in last week’s  U.S. Depart­ment of Agri­culture (USDA) cattle on feed report were once again higher across the board compared to trade estimates, carrying slightly negative market implications.

The biggest surprise came in feedlot placements of 2.39 million head during October, 10 percent above the same month a year ago. Trade estimates forecast a 7.6 percent increase in placements during October.

“The market will take this as being mildly bearish,” said Rich Nelson, Allendale chief strategist. “These are the largest October placements in six years.”

The total number of cattle and calves on feed in U.S. feedlots with a capacity of 1,000 or more head totaled ...