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USDA's October Cattle on Feed report came in close to trade expectations, with 11.3 million head on feed, 99 percent of a year earlier. September placements were 2.1 million head and marketings 1.7 million, even with expectations.
The heifer share rose to 39.1 percent, which signals fewer replacements being held.
Heifer-heavy marketings signal lower future beef output, supportive for live cattle, while placements near expectations keep feedlot demand for feed steady.
wlj.netMatthew Diersen, risk &, business management specialist, South Dakota State UniversityNov 4, 2019After 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 44 past neutral report events, Feeder Cattle moved a median +0.3% over 5 sessions (59% higher; middle half -0.9% to +1.0%), and +0.5% over 20.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
