Let's follow-up on that cattle on feed report that was out after the markets closed on Friday.
Overall, the consensus is that the on-feed report was bullish for the market. Part of the reason was that the American beef cattle herd was down two percent from last year in the report.
Placements were a whopping eighteen percent under last year, and marketings were nine percent below last year. This is what is causing historically high prices on the futures board, well north of $200 dollars on the nearby contract, as well as unusually high cash prices at the sale barns.
Listen to John's Ag Minute in the player below: