This afternoon’s cattle on feed report could at least stabilize cattle futures at recent lower levels. As if the extended heat were not enough for cattlemen to battle across the country, open interest in live cattle futures has plunged to the lowest level of the year.
Feeder cattle index is now the lowest since mid-January. Heavy selling reappeared around midweek, taking October live cattle to their lowest level since just after Christmas. October feeder cattle their lowest now since early June.
This afternoon’s cattle on feed report doesn’t look to offer much help on feed. Numbers look to be up one to two percent. Placements down one to two percent.
Marketings during the month went down two to three percent. This is the bottom-line report. Heat has returned across the country.
Higher crude oil pushing grain to their new highs for the move.
Audio Reporting by Mark Oppold for Southeast AgNet.