COF Report To Show On Feed Up From Year Ago

December 15, 2011 04:29 AM
 

 

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.

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