COF confirms five months of placement declines.

Monthly Cattle on Feed today was slighty supportive. January placements were -3.6% from one year ago. The trade estimate was -2.9% (ALDL -1.1%). That would mark five months in a row of placement declines. January inflows determine a part of the July - October fed cattle supply (Q3 and some Q4). These past five months have averaged -5.0%. January outflows, marketings, were +4.2% vs. last year as we made up for weather problems in later December. The trade expectation was +3.9% (ALDL +2.7%). February 1 feedlot totals were counted -4.1% from last year. The trade estimate was -3.5% (ALDL -3.5%).

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