This afternoon’s Cattle on Feed Report is getting a slightly negative read compared to expectations, as Placements came near the top end of pre-report expectations at 115% of year-ago levels. Marketings and On Feed came in near expectations at 97% and 99% of year-ago, respectively.
Marketings for February were the lowest for the month since the data began in 1996, which reminds of the tight supply situation. But the report could weigh slightly on futures to start next week due to higher-than-expected Placements.
Report details | USDA | Avg. Trade Guess | Range |
% of year-ago levels | |||
On Feed | 99 | 98.9 | 97.8-100.1 |
Placements | 115 | 109.7 | 102.2-118.2 |
Marketings | 97 | 97.0 | 96.0-100.1 |
The weight breakdowns for feeders shows calves under 600 lbs. up 13%, 600-699 lbs. up 29.4% from year-ago; 700-799 lbs. up 4.3%; and 800 pounders up 17% from year-ago. Obviously, the heavier-weight calves will spend less time in feedlots and those animals will be coming to market starting later in the spring.
