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The USDA November Cattle on Feed report showed October feedlot placements at 2.245 million head (102.4% of last year) and marketings at 1.788 million (95.5%). The November 1 on-feed total was 11.948 million head, 99.8% of last year, the fifth straight monthly year-over-year decline.
Fed cattle prices had risen above $130/cwt as packers chased tighter supplies.
Shrinking feedlot inventories and tighter market-ready supplies support fed and feeder cattle prices, while higher cost of gain squeezes feeding margins.
wlj.netDerrell S. Peel, Oklahoma State University Extension livestock marketing specialistNov 24, 2021After 268 past bullish report events, Live Cattle moved a median +0.3% over 5 sessions (58% higher; middle half -0.7% to +1.4%), and +1.7% over 20.
After 227 past bullish report events, Feeder Cattle moved a median +0.4% over 5 sessions (57% higher; middle half -1.2% to +1.5%), and +1.1% 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.
Cattle on Feed showed a fifth straight on-feed decline and lower marketings, signaling tighter supplies as packers chase cattle.
