ARE CATTLE ON FEED REPORT REVISIONS RANDOM AND DOES INDUSTRY ANTICIPATE THEM?

Cattle on Feed (COF) reports are an important source of beef supply information. This study investigates whether COF report revisions are unbiased, random, and anticipated. Initial COF reports are biased, but the bias is economically small. Revisions to COF estimates are not random. Market analysts do not correctly anticipate revisions.