The August USDA Cattle on Feed Report caught most analysts off guard with a very positive report on Friday, August 23. Three major surprises from the report were:
- Numbers of cattle placed in July were lower than expected,
- Number of cattle marketed were in-line or slightly higher than pre-report expectations, and
- Total numbers of cattle-on-feed in yards with more than 1,000 head were lower than even the lowest pre-report estimate.
This information should be supportive to calf and yearling prices in the coming days and weeks unless corn fears overwhelm the feeder cattle complex. For the complete COF report go to: http://tinyurl.com/mgnp378