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Cattle on Feed Strengthens Market

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Cattle on Feed is up, according to the USDA report that came out Friday afternoon.
Cattle and calves number 10.3 million head on feedlots with 1,000 head or more. The inventory was slightly above the October 1st report from last year.
Steer cattle and calves made up 67% of the inventory at 6.8 million, down about two percent from the year before. Heifers and heifer calves accounted for about 3.4 million head.
Marketing of fed cattle during September totaled about 1.73 million head, about five percent more than 2015 numbers.
Placements in feedlots during September totaled 1.91 million head, 2 percent below 2015, which maintained the cattle market rallies from last week.
Jamey Kohake, a market analyst with Paragon Investments says, "Cattle complex sharply higher, green across the entire complex. The placement number on Friday has spurred more short covering again here today. We are off the highs of the session by about a dollar right now in the feeders, still looking very, very strong."