On this month’s Cattle on Feed report from USDA, we saw the on-feed number come in as expected at 101% but the surprises came in marketings and placements. The marketings number was 96%, less than the average estimate of 97% while the placements number was a whopping 102% which was above the trade estimate of 99%. Many in the trade expect this to be bearish to the cattle market.
Read the full report here: https://downloads.usda.library.cornell.edu/usda-esmis/files/m326m174z/z603s633j/9880wz77k/cofd0822.pdf
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