USDA Cattle on Feed Report; Live Cattle Futures Lower

The U.S. Department of Agriculture (USDA) monthly Cattle on Feed Report was just released. The USDA report showed placements during November totaled 1.84 million head, 15 percent above 2015. Marketings of fed cattle during November totaled 1.79 million head, up 17 percent versus last year. The number of cattle on feed on November 1st was 10.7 million head, down 1 percent versus a year ago. February live cattle is trading at 116.35, down 0.45 cents/lb. April live cattle is trading at 113.97, down 0.77 cents/lb.