
USDA's Dec. 1 Cattle on Feed report showed 12.0 million head on feed, 3% above a year earlier and above estimates.
November placements were 1.87 million head, 2% below 2022, and marketings fell 7%.
Larger-than-expected feedlot inventories signal higher near-term supply of fed cattle and continued feed demand, which is typically bearish for fed cattle prices.
After 144 past bearish report events, Live Cattle moved a median -0.1% over 5 sessions (49% higher; middle half -1.1% to +0.9%), and +0.5% over 20.
After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.