The April COF report was neutral, to maybe a bit negative. Most estimates were in line with estimates, except for placements which were 1% above expectations. The other interesting number came in the breakdown of cattle in feedlots. Steers make up 62% of the cattle in feedlots (down slightly from last year) while heifers account for 38% of the number (down 4% from last year). Could this be the start of herd expansion? Estimates for the April COF report were On Feed: 98% (as expected), Placed: 105% (1% above expectations), and Marketed: 101% (as expected).
