USDA’s Nov COF report was friendly cattle. The on feed estimate came in as expected, but placements were 2% below expectations. It seems that the heavy placements in Oct captured some of the calves that would normally be placed in lots later in the year. This is a signal again that it’s not that there are more cattle, it’s that they are moving at different times. Marketing was a little negative as it came in 1% below expectations. Estimates for the report were: On Feed: 102% (as expected), Placed: 104% (2% below expectations), and Marketed: 97% (1% below expectations).