COF Report To Show On Feed Up From Year Ago
Traders are preparing for Friday afternoon's monthly Cattle on Feed Report.
Following are pre-report guesses:
| Report expectations | Avg. Trade Guess | Range |
| % of year-ago levels | ||
| On Feed | 103.7 | 103.1-104.5 |
| Placements | 99.6 | 97.3-103.2 |
| Marketings | 98.5 | 95.8-100.2 |
Juli says: Traders expect the report to show feedlots fuller than a year-ago, but for Marketings to be down from year-ago. While this situation typically suggests feedlots are backed up, that's not the case this year. The reason is a larger-than-usual number of lighter-weight calves entering feedlots due to a lack of pasture in the Southern Plains. It takes those animals longer to reach market weight than heavier-weight Placements, which could result in an inflated On Feed estimate for the next few months.
