The US cattle on feed report came out this afternoon. As feeders, ranchers and long traders are looking for reasons for a higher market next the week of November 21st, this report will leave them with limited answers on market direction.
Anne Wasko describes the report:
Today’s U.S. Cattle on Feed report for November 1 was close to expectations so will be considered neutral by the trade next week. On feed numbers were down 1% as expected while October placements were down 5%. Cattle price lows occurred in October and that likely lead to less interest in placing (and selling) cattle. October marketings remained aggressive at 5% higher than last year (guess had been 4% higher).