Cattle on Feed Report: Neutral to Slightly Friendly

January 20, 2012 08:57 AM
 

Traders did a very good job anticipating USDA's monthly Cattle on Feed Report, with all three categories near the average trade guesses. If anything, the Marketings category, which was 1 point higher than anticipated, tips the scales in bulls' favor. As expected, the Placements category came in around 6% under year-ago. The data showed: lightweight placements up 15.8%, 6-weight placements down 21.2%, 7-weight placements down 16.9%; and heavyweight placements down 0.5% from year-ago. The weight breakdown of calves moving into feedlots last month suggests lightweight calves continue to actively move off pastures in the dry Southern Plains and Southwest, while the movement of heavier calves out of the Southeast into feedlots is just enough to keep heavyweight placements near year-ago.

 

COF Report

USDA

Average

Range

% of year-ago levels

On Feed

103%

103.3

102.7-104.2

Placements

94%

94.2

90.0-98.4

Marketings

98%

97.0

95.1-101.7

 


 

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