COF confirms four months of placement declines.

The monthly Cattle on Feed was released this afternoon. We'll call it neutral/very ish. Official placements were over the trade guess and marketings were under. Placements, inflows into feedlots in December, were -8.0% from one year ago. The Reuters newswire poll estimated -9.0% (ALDL -6.9%). December placements determine parts of the July - October fed cattle supply so this is primarily a Q3 supply number. Four months of lower placements have now averaged -5.1% from one year ago. December marketings were counted at -6.1%.

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