The live cattle market fell by triple digits on Thursday, shedding $2.80 to $3.45 per hundredweight. The December contract settled just 40c off the lows for the day. Nearby feeder cattle also dropped on the day ending $3.40 to $3.60 red for the close. Jan feeders were $1 off the low for the bell. USDA confirmed Thursday’s cash trade was $175 to $178, with the bulk near $178. The CME Feeder Cattle Index increased 41c to $228.76 for 11/15.
Analysts are looking for this afternoon’s CoF report to show between a 0.9% and a 2.4% increase in On Feed numbers vs. November 2022. The average trade guess is +1.8%, or ~11.907m head. Estimates for cattle marketed in October range from 1.5% to 3% below October ’22, with -2.1% expected on average. The average trade guess is to see a 4.9% larger October placement year/year, though the full range of ideas is from -0.2% to +8%.
