On Friday the USDA released its Cattle on Feed report which provided some clarity on the placement number heading into the fall run.
Anne Wasko had the following commentary – “Aug 1 U.S. Cattle on Feed Report was called neutral from guesstimates we talked about in Friday’s Beef Market Update. I was actually expecting the placement number to be higher.”
The report read as follows:
- Aug 1 cattle On Feed +4% (trade guess was +5)
- July Placements in feedyards +3% (trade guess was +6)
- July marketings +4% (trade guess +4.5%)
Kevin Grier, commented in his market commentary to subscribers that Friday’s cattle on feed report was modestly bullish. Placements and the total inventory were modestly lower than expectations but the potential to impact the market open on Monday is limited.
As Anne and Shaun discussed on Friday in the Beef Market Update episode, the market is looking for a reason to stabilize cash and the futures market but this may not be enough to do so.