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Feeder cattle futures settled about $3.20 to $3.30 lower after the November Cattle on Feed report, as October placements came in at 110.2% of last year, a nine-year high. On-feed numbers were at an eight-year high of 101.2%, while marketings were slightly below expectations.
Larger placements point to higher beef production in the first half of next year, which must be absorbed by stronger demand to restore earlier price levels. This keeps feeder futures under pressure.
enidnews.comBrady SidwellNov 23, 2019After 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 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.
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.
