Daniels Trading Senior Broker Craig Turner was quoted in the Reuters article titled “LIVESTOCK – U.S. live cattle futures gain on short-covering.” This news story reports on market price action ahead of the USDA’s monthly Cattle on Feed Report.
Analysts expect Friday’s data to show the number of cattle placed in feedlots in October increased year-over-year as less-costly corn improved profits for feedlots.
We really sold off hard the last couple days. You usually see people lighten up ahead of a big report,” Turner said.
Also on Friday, USDA will simultaneously issue its monthly cold storage report. The data will include total October beef and pork inventories.
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