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Ridgway, IL | Last month, analyst expectations under estimated placements. This month analysts over estimated placements. What you see today is just a reflex reaction to that. We are back to 105 oct by end of week I think.
Still 4-5% more cattle on feed than year ago
Harvest weights running 5lb below last year, but I think they will soon surpass. Heavier placement weights, coupled with no front end premium to keep cattle moving. I take the other side on corn price, I think there is another 25c to come out of December futures, down to 3.25. Cull cow production seasonally on the rise as well. Typical October lows to come I think. It won't be surprising to see cash market trade sideways for next 2 wks as basis shifts from positive to negative will make feedlots try to hold on.
You should do good on your feeders, but I wouldn't hold them any longer. You might do well to wait a month on reloading with calves. | |
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Cattle on feed report
