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Cattle On Feed Report                 06/23  14:15

By John Harrington
DTN Livestock Analyst

                        USDA Actual  Average Guess      Range
Cattle On Feed:
On Feed June 1              103%        102.5%      101.5-103.5%
Placed in May               112%        110.5%      106.5-114.0%
Marketed in May             109%        109.0%      103.5-111.0%

The June 1 USDA Cattle on Feed report released Friday afternoon 
looks neutral to somewhat negative. Specifically, the May 
placement total turned out to be a bit larger than the trade was 
expecting. Totaling 2.119 million head, it represents the 
largest spring placement seen since 2007.

Additionally, the May marketing total was a bit smaller than 
generally expected. Keep in mind that last month contained one 
more business day than 2016 (making the daily average marketing 
only 3%-4% larger).

Live cattle futures will probably open 50-100 lower when trade 
resumes on Monday based upon sober fed supply implications for 
the third quarter.

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


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