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USDA’s monthly cattle on feed report released after the close today, most analysts suggest it will not offer much help to the cash market or futures. In fact, one analyst called the cattle complex a train wreck in slow motion. Bottom line analysts say they must agree with live cattle and feeder cattle futures ending the week near nine-month lows.
Feedlot operators in the plains continue to battle the late summer heat stress. Some feedlots are looking for new locations to sell cattle. Tyson closing two plants and selling another.
We don’t see the on-feed report offering much help. The on-feed number looks to be up 2%. Placements during July are down 6%.
Marketing’s down 7%. This is the bottom-line report. A new addition to the Farm Progress Show is the expanded agronomy zone and the team at Helena will be there.
Audio Reporting by Mark Oppold for Southeast AgNet.