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Cattle on Feed Report                  08/22 14:05

By John Harrington
DTN Livestock Analyst

                    USDA     Average
                   Actual     Guess        Range
Cattle On Feed:
On Feed Aug 1      98.1%       97.5%     97.0-98.5%
Placed in July     92.6%       90.5%     86.5-95.0%
Marketed in July   90.7%       92.0%     90.5-95.0%

The Cattle on Feed report looks neutral to somewhat disappointing with 
July placement totaling somewhat larger than expected. In general, the 
numbers are close to expectations and probably will not have a major 
market impact when trade resumes on Monday. 
Although the July marketing total fit fairly well with trade expectations, 
it does represent a historically small number. Indeed, feedlot out-
movement last month was the smallest total the data series began in 1996. 
On the other hand, the July placement total was also the lowest since the 
data series began. 
The big question may be whether or not the market is nervous about 
supplies, per se. Beef demand may be a bigger worry as the market moves 
into the last part of the third quarter.
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