October Marketings Larger than Expected

by

by John Harrington, DTN Livestock Analyst

Cattle on Feed

USDA Actual:  104{fe867fa2be02a5a45e8bbb747b653fe2e9d0331fd056b85cd0c1a3542435a96e}

Average Guess:  104{fe867fa2be02a5a45e8bbb747b653fe2e9d0331fd056b85cd0c1a3542435a96e}

Guess Range:  103 – 105.5{fe867fa2be02a5a45e8bbb747b653fe2e9d0331fd056b85cd0c1a3542435a96e}

Placed in October

USDA Actual:  99{fe867fa2be02a5a45e8bbb747b653fe2e9d0331fd056b85cd0c1a3542435a96e}

Average Guess:  99{fe867fa2be02a5a45e8bbb747b653fe2e9d0331fd056b85cd0c1a3542435a96e}

Guess Range:  96 – 104{fe867fa2be02a5a45e8bbb747b653fe2e9d0331fd056b85cd0c1a3542435a96e}


Marketed in October

USDA Actual:  103{fe867fa2be02a5a45e8bbb747b653fe2e9d0331fd056b85cd0c1a3542435a96e}

Average Guess:  101.5{fe867fa2be02a5a45e8bbb747b653fe2e9d0331fd056b85cd0c1a3542435a96e}

Guess Range:  99.5 – 103{fe867fa2be02a5a45e8bbb747b653fe2e9d0331fd056b85cd0c1a3542435a96e}

The November 1 Cattle on Feed report looks neutral to somewhat friendly. Possibly, October marketings were somewhat larger than expected, underscoring the current status of feedlots and country bargaining power. Given that the discount of nearby live cattle futures to cash, look for the board to open moderately higher on Monday with new buyers encouraged by the larger than expected marketing total.

 

© Copyright 2011 DTN/The Progressive Farmer, A Telvent Brand. All rights reserved.

Posted with DTN Permission by Haylie Shipp

 

 

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