Slow-moving feedlot dynamics in the cattle markets

The March Cattle on Feed report showed February placements at 109.6 percent of one year ago.  Placements were anticipated to be higher year over year, but the total was slightly above average pre-report expectations. February feedlot marketings were 103.4 percent of last year, close to expectations.  February had an extra day due to leap year, which accounts for some of the February increases. Some of the increased February placements was also due to weather disruptions in January that delayed cattle movements. In fact, combined January and February placements were up just 0.6 percent…