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The November Cattle on Feed report came in below expectations for placements and on-feed totals, with sharp declines in Colorado, Kansas and Texas. The heifer share of feedlot cattle reached 39.7%, the highest since 2001, and the outside-feedlot supply is the tightest since 2014.
Tighter feeder cattle supplies and fewer placements are supportive for nearby fed cattle prices.
u.osu.eduSmith atNov 23, 2022After 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.
After 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.
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.
