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Cattle on Feed Report                  12/19 14:05

By John A. Harrington
                    USDA Actual   Average Guess       Range
Cattle On Feed:
On Feed December 1     101.0%      101.0%       100.0-102.5%
Placed in November      96.0%       96.0%        93.5-102.0%
Marketed in November    89.0%       90.0%        88.5- 93.5%

The monthly feedlot inventory just released appears to be well 
anticipated with all three categories coming in very close to 
trade expectations.
Note that November's marketing total was the smallest recorded 
since 1996. On the other hand, placement efforts last month 
turned out to be the second lowest since 1996.
While cattle futures may open higher on Monday, early buying is 
not likely to be related to these rather boring numbers.

For more Harrington comments check out 
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