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USDA's December 1 Cattle on Feed report showed 12.0 million head on feed, up 3% from a year earlier and the largest since April 2022. November placements were 1.87 million head, 2% below 2022, and marketings were 7% lower.
Cattle on feed came in above analyst estimates.
Higher on-feed numbers with lower marketings add near-term bearish pressure on fed cattle prices and extend feedlot grain consumption. The placement decline points to tightening feeder supply later.
dtnpf.comDTN StaffDec 22, 2023After 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 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 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.
