Following are Cattle on Feed Report highlights from Pro Farmer: USDA’s Sept. 1 feedlot inventory figure came in nearly two percentage points higher than year-ago and above the top end of the pre-report guess range. While Marketings were up 7% from last year and at the top of the guess range, Placements also came in 7% above year-ago and above the top end of the guess range.
A weight breakdown of cattle placed in feedlots during August showed: lightweight placements up 13.8%; 6-weights steady with year-ago; 7-weights up 9.9%; and heavyweight placements 5.2% above year-ago.
The report data gets a bearish read as the Placements figure came in sharply above expectations. While the Marketings figure is strong, it wasn’t quite as strong as the raw numbers suggest as August featured one more business day than year-ago. The report data will weigh on cattle futures Monday, with the heaviest pressure on deferred contracts.
COF Report | USDA | Average | Range |
% of year-ago levels
| |||
On Feed | 103%
| 101.1% | 100.5-102.5% |
Placements | 107%
| 99.4% | 96.1-106.2% |
Marketings | 107%
| 106.2% | 105.0-107.4% |
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