Friday’s COF report was friendly cattle as not only was the on feed estimate less than expected, placements were sharply below expectations. Estimates are On Feed: 99% (1% less than expected), Placed: 97% (4% less than expected), and Marketing: 101% (as expected). Of the cattle placed in feedlot, steers accounted for 61% of the total while heifers accounted for 39%, 3% below last year.
