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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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