Cattle on Feed Report 04/24 14:05
By John A. Harrington
USDA Actual Average Guess Range
Cattle On Feed:
On Feed April 1 100.0% 99.0% 97.5-99.5%
Placed in March 100.0% 95.5% 91.5-97.5%
Marketed in March 98.0% 98.0% 96.0-101.0%
The April 1 Cattle on Feed report looks somewhat negative
compared with trade expectations. Specifically, last month's
placement activity turned out to be a good deal larger than most
were betting on. It is possible that such news will weigh on
deferred futures when CME trade resumes on Monday, especially
given how the board rallied so aggressively today.
The marketing total seemed to be well anticipated. Note that
last month's out movement represents the smallest for the month
since the data series began in 1996.
Finally, the April 1 heifer inventory totaled no more than 3.34
million head, down 10% from 2014. Compare this to a steer
population of 7.4 million head, 5% greater than a year ago. This
would appear to be yet another sign of significant expansion
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