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USDA's October Cattle on Feed report showed feedlot inventories on Oct. 1 at 11.58 million head, up 0.6% year over year, after September placements rose 6.1% and marketings fell 10.6%.
Most of the placement increase was in heavier cattle set to be marketed in early 2024.
Feeder supplies are still shrinking overall, and the heavier placements will be marketed in Q1 2024, so supplies should stay tight and support cattle prices into 2024.
oklahomafarmreport.comSpencer AndersonOct 23, 2023After 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.
Details the On Feed data (placements up 6.1%, marketings down 10.6%, heavier cattle) that raised near-term supply expectations and pressured prices.
