Cattle on Feed Report Shows Slightly Lower Numbers

Friday’s Cattle on Feed report was viewed as friendly to the market, with key numbers coming in slightly below expectations. “The number for on-feed came out at 98%, which was just a little bit lower than the average estimate of 98.3% but well within the expected range,” said Total Farm Marketing Senior Market Advisor Naomi Blohm. Placements came in at 82%, below the average estimate of 85.4%, while marketed cattle were at 91%, near the lower end of projections. Despite the supportive numbers, Blohm questioned whether the report would be enough to push the market higher. “The big question will be: Is this news today already priced into the market? Or are traders going to be able to just jump with it, bite into it, and then take the market higher this week?”