Live Cattle Futures Plunge

February live cattle is trading at 116.30, down 1.97 cents/lb. April live cattle is trading at 114.82, down 2.50 cents/lb. June live cattle is trading at 104.70, down 2.27 cents/lb

Live cattle futures are trading sharply lower just after the open. Market chatter about Friday's USDA cattle of feed report is making the rounds.

The report showed placements 117.6 percent of a year ago and at a six year high. The heifer on-feed supply was 5 percent above last year. Marketings during December were 106.8 percent of a year ago. The January 1st On-Feed supply was 100.3 percent of last year.

Friday's USDA cattle slaughter 103,000 head, Saturday's was 23,000 head. The total slaughter for the week was 577,000 head versus a year ago at 570,000 head a year ago.