AMARILLO, TX – Traders are preparing for what is considered one of the most important feeder reports of the season, the November USDA Cattle on Feed Report. The Cattle Report suggests that all attention will be on the placements as October is typically the largest placement month of the year. Expectations are for the numbers to decline from last year at the same time and some analysts are pointing to higher grain prices as the culprit. In addition, some producers were unwilling to accept lower prices thus slowing placements. The recovery in the price for replacement cattle was consistent with a smaller calf crop and improving fed cattle prices. The average trade guesses for November’s Cattle on Feed (in feedlots with a capacity of 1,000 or more head) is 101.8. The average prediction for October placements is 90.9 with guesses for October marketings at 100.1. USDA will release the report on Friday afternoon (11/20/20) at 2:00 pm CST.
(SOURCE: All Ag News)