Cattle on Feed Down – 11/18/2022

Feeder cattle placements continued a long term downtrend in November while finished cattle sales increased 1% in October compared to the same month a year ago. The balance left November 1 US cattle on feed at the lowest level in four years.

US prospective beef supplies will need to be supplemented with increased beef imports in 2023. The need to draw in imports, combined with keeping feeder cattle prices high enough to induce ranchers to expand the beef breeding herd, will be major supporting forces in the 2023 cattle futures market.