This afternoon’s Cattle on Feed Report is getting a bullish read, as On Feed (94%) and Placements (90%) came in below expectations while Marketings (105% of year-ago) were higher than expected. The report reflects a shrinking supply of marketable animals well into 2014 and is especially supportive for deferred futures. Depending on how the cash market performs this afternoon, cattle futures should open higher Monday based on the report data.
COF Report | USDA | Average | Range |
% of year-ago levels
| |||
On Feed | 94 | 95.8 | 94.4-98.2 |
Placements | 90 | 97.5 | 92.9-111.6 |
Marketings | 105 | 104.4 | 102.5-106.1 |
A weight breakdown of calves placed into feedlots last month reveals calves under 600 lbs. down 22%, 600-699 pounders down 15%, 700-799 pounders down 3% and calves 800 pounds and over were down 4% from year-ago levels.
