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USDA's Cattle on Feed report showed feedlot inventories of 11.9 million head on Feb. 1, 2020, up 2% year over year and the highest February total since 2008.
January placements were 1% below 2019, below trade expectations of a 1.4% increase.
Large feedlot supplies of market-ready cattle pressure fed cattle prices, though lighter-than-expected placements are mildly supportive.
feedstuffs.comKrissa WelshansFeb 24, 2020After 126 past bearish report events, Feeder Cattle moved a median +0.1% over 5 sessions (52% higher; middle half -1.3% to +2.0%), and +0.6% over 20.
After 78 past neutral report events, Live Cattle moved a median +0.2% over 5 sessions (54% higher; middle half -1.0% to +1.0%), and +0.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
