- Largely in line with expectations, the most recent USDA Cattle on-Feed report estimated Oct. 1 feedlot inventories virtually unchanged from last year. On-feed numbers continue to run very close to 2023 levels even though the cowherd and calf crop are smaller. The combination of high cattle values and lower feed prices continue to encourage longer feeding periods. Increased live cattle imports are a contributing factor.
- The Ackerman Group review article on practice valuations cites IDEXX clinic data that affirms VetWatch data on client visits and invoices. IDEXX data indicates the veterinary industry has seen 10 straight quarters (2.5 years) of negative invoice or visit volume growth. They attribute these declines to: 1) Practices raised prices aggressively in 2020/2021 when demand was insatiable, and this has priced out some clients; and 2) COVID pets are now older, and these pets are visiting clinics less frequently as adults than they did as puppies and kittens.
- Merck’s animal health division, which develops vaccines and medicines for dogs, cats and cattle, posted $1.49 billion in sales for the third quarter. That is up 6% from the year-earlier period and slightly above what analysts surveyed by StreetAccount were expecting.