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The August Cattle on Feed report showed inventories 1.5 percent above a year earlier and placements of 11 percent versus analyst expectations of 6.7 percent. Marketings fell 1.6 percent, and futures drifted lower with feeder contracts losing 50 to 77 cents.
Record cattle on feed and large placements signal ample overfed supplies for packers, pressuring cattle prices and reducing near-term feedlot demand for feed.
wlj.netPete Crow, WLJ publisher emeritusAug 28, 2020After 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.
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.
