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The Cattle on Feed report estimated August placements at 91%, well below the pre-report estimate of 97.3%. Placements have been low for two months, the smallest since the report was restructured in the late 1990s, and Texas remains the largest feedlot state at 2.500 million head.
Placements well below expectations point to fewer cattle entering feedlots, which tightens near-term fed cattle supply and supports higher prices. The surprise is bullish for live and feeder cattle futures.
xpirtdesign.comDong ThielOct 31, 2026After 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.
