Cattle on Feed Report: Neutral

November 16, 2012 08:10 AM
 

Traders did a good job of anticipating this afternoon's USDA Cattle on Feed Report, as all categories came in near traders' pre-report expectations. The report showed On Feed at 95%, Placements at 87% and Marketings at 103% of year-ago levels. The report reflects traders' expectations that producers worked to get feedlots current, which should translate into smaller marketings in next month's report.

COF Report

USDA

Average

Range

% of year-ago levels

On Feed

95

94.6

93.5-96.0

Placements

87

87.3

83.3-92.0

Marketings

103

102.6

100.8-103.5

The weight breakdown of placements shows calves 600 lbs. and lighter down 19%, 600-699 lbs. down 14.4%, 700-799 lbs. down 10.7%, and 800 lbs. and heavier down 2.6% from last month.

The report should get a neutral read by the market, but is supportive for deferred futures as it once again reminds traders of the tightening supply situation.


 

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