Friday's Cattle-On-Feed (COF) report continued to show that positive trends are in place, all the numbers being positive and in line with expectations. The on-feed number came in right at estimates at 93.8%. Placements continued to be light, at 92.5%; marketings came in slightly below expectations at 100%.

As in the past, the biggest decline in placements is in lighter weight cattle. To keep perspective on just how significant this decrease in lighter weight cattle has been, over the last three months total placements have decreased by nearly 800,000 head. Regionally COF numbers are also shifting from the Southern Plains to the Corn Belt reflecting an improving basis for corn-producing regions over corn-importing areas.
-- Troy Marshall