USDA Cattle on Feed Report Preview

OMAHA (DTN) -- Friday's March 1 USDA Cattle on Feed report is expected to follow a similar pattern to reports from the past couple of months: on-feed totals being slightly lower than a year ago, placements being the report's biggest question, and once again, the total number of cattle marketed out of the feedlot being noticeably lower than a year ago.

However, given the wide range of pre-report estimates, the report could potentially bear some challenging news in two major ways. First, if the total number of cattle on feed is steady with a year ago, then the market will be forced to recognize what that means for the feeding sector through the remainder of the year. It should make the hair on the back of your neck stand up to realize that even with the border closed to Mexican cattle and the U.S. beef cow herd at a multidecade low, we still sit with an on-feed inventory that's steady with a year ago. That then begs the following question: What's going to happen when the border reopens and the cow herd begins to be rebuilt? Yikes!

Secondly, if the placement data shows that the market saw more cattle placed than a year ago, that will also bring a bearish tone to the marketplace.

Needless to say, Friday's Cattle on Feed report isn't one to sleep on, as it could unveil some wild data.

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USDA will release its March 1 Cattle on Feed report at 2 p.m. CDT on Friday.

	USDA Actual	Average Estimate*	Range
On Feed March 1		99.2%	98.5-100.0%
Placed in February		99.0%	96.3-105.0%
Marketed in February		92.3%	91.8-92.9%
* Estimates compiled by Dow Jones.

ShayLe Stewart can be reached at ShayLe.Stewart@dtn.com

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