Nuetral COF Report

Friday’s USDA cattle on feed report came in close to pre-report expectations. The number of feedlot cattle was down two percent from a year ago. Placements and markets were both down three percent. “That’s reflective of the fact that we’ve had really strong fed steer prices and supportive wholesale beef prices,” said USDA livestock analyst Michael McConnell. “We’re still seeing pretty strong demand for beef.”