Cattle on Feed Report 01/23 14:05
By John A. Harrington
USDA Actual Average Guess Range
Cattle On Feed:
On Feed January 1 101.0% 101.5% 101.0-102.0%
Placed in December 92.0% 95.5% 92.5-100.0%
Marketed in December 95.0% 96.0% 93.5-100.0%
The January 1 feedlot inventory appears to be somewhat bullish
thanks to lighter-than-expected placement activity in December.
On the other hand, marketing last month totaled slightly smaller
than the trade anticipated. Given the news we would expect
cattle futures to open at least moderately higher when trade
resumes on Monday, especially given the fact that futures broke
so hard immediately before the Cattle on Feed report was
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