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USDA Cattle On Feed                    07/22 14:10

By John A. Harrington
DTN Livestock Analyst

                        USDA Actual  Average Guess      Range
Cattle On Feed:
On Feed July 1             101.0%      101.5%       101.0-102.0%
Placed in June             103.0%      106.5%       104.0-110.0%
Marketed in June           109.0%      109.5%       107.0-111.0%

The July 1 Cattle on Feed report just released looks somewhat 
friendly with June placement activity smaller than anticipated. 
Given the fact that deferred live futures are significantly 
discounted, we may get a pretty good bang when trade resumes on 
Monday, (e.g. up 100 to 200 points). June marketing turned out 
to be close to expectations, positive evidence that feedlot 
country remains generally current. Steers on feed numbers 6.87 
million, 1% below the prior year. On the other hand, heifers on 
feed totaled 3.49 million, up 5% from 2015. This suggests that 
interest in herd expansion may be waning.

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