USDA’s cattle on feed update looks friendly according to Brownfield analyst David Kohli.
The total number of cattle on feed as of December 1 was down 1% from a year ago, November marketings were up 4% and placements during November were down 8%.
Of the numbers, Kohli calls them “good in all categories, not just the front or the back or the spreads. I’m friendly to the cattle on this report and they’ve had a nice turn here already, especially with the beef market performing better than expected in my opinion. So that’s going to help out the cattle futures – I look for them to be $.50 to $.75 higher on Monday.”
Kohli is a broker and analyst with Allendale Inc.
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