The combination of heavier-than-expected Placements and lighter-than-expected Marketings produced an On Feed number as of April 1 that was just over 1 percentage point greater than anticipated.
In looking at the weight breakdown of calves placed into feedlots last month, all weight categories were up from year-ago. Notably, placements were up sharply in Kansas, Texas and Nebraska -- the three largest cattle states. Lightweight placements rose 5.1%, 6-weights were up 5%, 7-weights were p 8% and heavyweights were up 5.3%. With all three categories coming in on the negative side of pre-report expectations, the data gets a negative read and is expected to weigh on cattle futures Monday.
COF Report | USDA | Average | Range |
% of year-ago levels
| |||
On Feed | 95% | 93.9 | 92.7-95.5 |
Placements | 106% | 99.1 | 92.1-103.2 |
Marketings | 92% | 93.5 | 92.4-95.1 |
