Cattle on Feed Report: Neutral

July 20, 2012 09:32 AM
 

Despite slightly lower-than-expected Placements and slightly higher-than-anticipated Marketings last month, the On Feed figure came in just above the average guess. But all three categories were within the pre-report guess ranges and not far from the average guesses. That gives the report a mostly neutral read and should mean limited price reaction in live cattle futures next Monday. If anything, the report data might favor mild bear spreading.

A breakdown of weights on calves placed into feedlots last month showed lightweight placements steady with year-ago, 6-weights down 15.8%, 7-weights down 7.1% and heavyweight placements up 13.6% from year-ago. Given rapidly declining pasture conditions, it's likely more lighterweight calves will be placed into feedlots this month.

COF Report

USDA

Average

Range

% of year-ago levels

On Feed

103

102.6

100.0-103.8

Placements

98

98.9

92.6-104.1

Marketings

94

93.8

92.0-101.0

Link to the report.


 

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