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USDA Cattle On Feed Report             10/21 14:10

By Darin Newsom
DTN Senior Analyst
                        USDA Actual  Average Guess      Range
Cattle On Feed:
On Feed October 1          100.0%      101.3%       100.2-102.1%
Placed in September         98.0%      103.9%        97.4-108.2%
Marketed in September      105.0%      106.1%       103.2-108.8%

A Place at the Bullish Table? 

Cattle placements in September were reportedly 1.905 million 
head, 98% of what was seen the same month in 2015, and well 
below the expected 3.9% increase according to pre-report 
estimates. This helped the on-feed number (as of October 1) come 
in at 10.135 million head, or 1% of last year's 9.986 million 
head. The average pre-report estimate came in at 101.3%. The 
only number of the big three that could be considered slightly 
bearish would be the 1.732 million head marketed during 
September. This was 105% of last year, below the expected 106.1% 
heading into Friday's report. 
Cattle posted a strong rally both Thursday and Friday, ahead of 
the release of USDA's latest Cattle on Feed report, hinting that 
the numbers were expected to be bullish. While this could take 
some of the steam out of an expected rally early next week, live 
and feeder markets remain sharply oversold opening the door to 
continued buying interest.

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