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Cattle on Feed Report                  04/24 14:05

By John A. Harrington
                    USDA Actual   Average Guess       Range
Cattle On Feed:
On Feed April 1         100.0%       99.0%         97.5-99.5%
Placed in March         100.0%       95.5%         91.5-97.5%
Marketed in March        98.0%       98.0%         96.0-101.0%

The April 1 Cattle on Feed report looks somewhat negative 
compared with trade expectations. Specifically, last month's 
placement activity turned out to be a good deal larger than most 
were betting on. It is possible that such news will weigh on 
deferred futures when CME trade resumes on Monday, especially 
given how the board rallied so aggressively today. 
The marketing total seemed to be well anticipated. Note that 
last month's out movement represents the smallest for the month 
since the data series began in 1996. 
Finally, the April 1 heifer inventory totaled no more than 3.34 
million head, down 10% from 2014. Compare this to a steer 
population of 7.4 million head, 5% greater than a year ago. This 
would appear to be yet another sign of significant expansion 
activity underway. 

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