USDA released its monthly Cattle on Feed (COF) report today. The 1 December inventory of all cattle and calves on feed in feedlots with 1,000 head or more capacity was 12 million head, 102 percent of December 2018, right in-line with pre-report expectations. November placements were 2.09 million head, which was 105 percent of last year and above the average industry guess.
Marketings in November were 1.81 million head, 97 percent of last year and in line with the pre-report estimates. The average daily marketing of cattle was 86,333 head based on 21 business days in November, which was one less day than last year. Marketings for the month were less current in November at 15.1 percent of the total inventory on feed.
Placeme...
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
