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Cattle On Feed Report                  05/20 14:05

By John Harrington
DTN Livestock Analyst

                        USDA Actual  Average Guess      Range
Cattle On Feed:
On Feed May 1              101.00%      100.0%       99.0-100.5%
Placed in April            107.0%        98.5%       93.0-100.0%
Marketed in April          101.0%       101.5%      100.5-103.0%

The May 1 Cattle on Feed Report released this afternoon looks 
somewhat negative with April placement activity considerably 
larger than expected by private analysts. Furthermore, last 
month's marketing total turned out to be a bit smaller than 
expectations called for. 
The larger-than-expected placement total could pressure deferred 
live futures when trade resumes on Monday. However, the fact 
that futures are already trading at a significant discount to 
spot cash could work to cushion any bearish blow. Additionally, 
keep in mind that April contained one less business day than 
2015, a fact that still makes last month's larger marketing 
effort look generally impressive.

For more Harrington comments, check out 
http://www.feelofthemarket.com


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