Cattle on Feed Report 05/22 11:05
By John A. Harrington
DTN Livestock Analyst
USDA Actual Average Guess Range
Cattle On Feed:
On Feed May 1 101.0% 101.5% 101.0-102.5%
Placed in April 95.0% 102.5% 97.5-105.5%
Marketed in April 92.0% 92.5% 91.5-104.0%
The Cattle on Feed report just released looks neutral to
friendly with April placement activity somewhat smaller than
anticipated. Theoretically such news should be supportive of
deferred live cattle contracts, especially given the fact that
they are currently discounted to spot feedlot cash.
The marketing total for the last month was well anticipated.
Nevertheless, it's worth noting that it represents a rather
small total, a function of limited placement earlier this year
and longer feeding periods engineered by feedlot managers.
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