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.
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