This afternoon’s Cattle on Feed Report showed both Placements and Marketings above the average pre-report guesses, but that left the On Feed category right in line with expectations. The report is mostly neutral, although it may promote bull spreading Monday as the Marketings number is supportive for nearby futures and the Placements figure may limit buying in deferred months.
COF Report | USDA | Average | Range |
% of year-ago levels
| |||
On Feed | 94% | 93.8 | 93.3-94.3 |
Placements | 102% | 100.3 | 97.5-104.0 |
Marketings | 106% | 104.7 | 103.2-106.6 |
A breakdown of cattle placed into feedlots last month reveals: lightweights steady with year-ago, 6-weights down 8%; 7-weights up 1.9%; and heavyweights up 12.1%. The placement of of heavier calves last month may be the result of animals finally moving into feedlots that were held off feed dating back to last fall because of high feed costs.
