Northern Ag Network Note: CLICK HERE to see the USDA’s official report. This is the second highest on-feed total since the USDA began this series in 1996.
by John Harrington, DTN Livestock Analyst
New on feed data looks somewhat bearish, especially in terms of the larger-than-expected November placements. This is especially surprising given the fact that many bulls have anticipated a downtrend in placement activity for several months now. Late-year feedlot population continues to build, implying plentiful fed supplies over the next two or three months. Positively, last month’s marketing total was somewhat larger than expected, supporting ideas that feedlots remain quite current. Look for deferred futures to open 50 to 100 points lower on this news when trade resumes next Monday.
For more Harrington comments check out http//:www.feelofthemarket.com
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Posted with DTN Permission by Haylie Shipp