USDA Cattle-on-Feed Report Deemed Slightly Bearish

US - Department of Agriculture showed all three categories slightly favouring the bearish camp as U.S. cattle on feed as of January 1 came in at 95 per cent of the year-ago level, reports Jim Wykoff, TheCattleSite analyst.
calendar icon 27 January 2014
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Jim Wyckoff Commentary -  TheCropSite

That topped pre-report trade estimates. Cattle placed on feed were 101 per cent of year-ago levels, which was in line with market expectations.

Marketed animals were 99 per cent of one year ago, which was also in line with market forecasts.

The USDA data could prompt more profit taking in live cattle futures early this week, after record highs were seen in both futures markets and the cash cattle market last week.

However, severe winter weather in the U.S. midsection will slow both cattle and hog movement to market, which could limit selling pressure in the futures markets.

High winds, extremely cold temperatures and poor road conditions are seen across the central U.S. to start the trading week.

TheCattleSite News Desk

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