Conway, Ark.(AgriMarket Buzz)-- This week's USDA cattle on feed report is viewed as neutral to next week’s live cattle futures market, with the lowest on feed totals since 2004. Numbers were near average of pre-report estimates and should not provide much of an impact to the board. Early next year, the market is still expected to see slaughter supplies running close to levels seen more than a year ago, which could keep pressure on prices in the near term, but the placement pattern continues to point toward tighter slaughter supplies by late first quarter and early second quarter--helping to support back month futures.
As we have seen in the past few months though, this may all depend on actions in the financial markets, as the cattle market has not divorced itself from the swings in these outside markets.
Jim Daven
Commercial Grain Inc
1-501-505-8000
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