Oklahoma Farm Report - Bullish Cattle on Feed Report on Friday- But Does the Market Care?

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Bullish Cattle on Feed Report on Friday- But Does the Market Care?

Fri, 21 Nov 2008 18:49:50 CST

Bullish Cattle on Feed Report on Friday- But Does the Market Care? It was a friendly monthly cattle on feed report that was released on Friday afternoon after the markets closed for the weekend. The number of cattle placed in feedlots during October totaled 2.44 million head, 11 percent below 2007. This compared to pre-report guesses of 91 percent, or only 9 percent below 2007. Tom Leffler with Leffler Commodities tells us that this was the seventh month in a row that the cattle on feed number came in lower than a year ago.

The weight breakdown of placements was as follows: less than 600 pounds 700,000 head; 600 to 699 pounds 615,000 head; 700 to 799 pounds 543,000 head; 800 pounds and up 580,000 head.

Marketings of fed cattle in October totaled 1.81 million head, 3 percent below 2007. Pre-report expectations were for 5 percent below 2007. Market Analysts say that this indicates feedlots are more current than generally assumed.

Total cattle on feed as of Nov. 1 totaled 11.0 million head, down 7 percent.

Leffler told our Ed Richards that while this report is friendly as far as the fundamentals go- we may continue to see the macro economic problems in the economy overwhelm any positives this report will generate in the cattle futures market come Monday morning. We have Tom's take on this latest set of Cattle on Feed Numbers available for you to hear- just click on the Listen Bar below.

Ed Richards talks COF numbers with Tom Leffler of Leffler Commodities

right-click to download mp3

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