USDA released its monthly Cattle on Feed (COF) report on Friday. The report was neutral, with inventory, marketings and placements all coming in right at the industry average pre-report estimates. The 1 February inventory of all cattle and calves on feed in feedlots with 1,000 head or more capacity was 11.9 million head and January placements were 1.96 million head. Placements were the only category that did not match with pre-report expectations, coming in below. While supportive, in context to the whole report, the lighter than expected placements probably were not enough to be considered bullish.
Marketings in January were 1.93 million head. The average daily marketing of cattle was 91,952 based on 21 workdays inJanuary. Marketings f...
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