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Cattle On Feed Preview                 03/23 17:30

By John Harrington
DTN Livestock Analyst

                        USDA Actual  Average Guess      Range
Cattle On Feed:
On Feed March 1            xxxxx     100.5%         100.0-101.0%
Placed in February         xxxxx      98.5%          95.0-103.0%
Marketed in February       xxxxx     103.5%         109.5-110.5%

After the accelerated placement pattern documented from November 
through January, most analysts believe USDA will confirm a 
modest placement slowdown when new on-feed data is released 
Friday afternoon at 2:00 CDT. Actually, the size of the expected 
February cut-back seems even less impressive given the 
relatively large total of 2016. If last month's placement comes 
in as expected, it will total as much as 3% above the three-year 

Working to keep feedlot current, the February marketing total 
was probably even more aggressive than the average guess 
implies. Last month had one fewer business day than February 
2016. So adjusting to an apple-to-apple calendar, the daily 
market rate likely exceeded 2016 by as much as 8%.

Given the extreme discounts already built into live cattle 
futures, it may be next to impossible for pending on-feed data 
to be actually seen as market-moving bearish.

For more Harrington comments check out 

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