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Cattle on Feed Report                  07/25 14:05

By John Harrington
DTN Livestock Analyst

                    USDA     Average
                   Actual     Guess        Range
Cattle On Feed:
On Feed Jul 1       98.0%      98.0%     96.0-99.0%
Placed in June      94.0%      96.0%     92.0-103.5%
Marketed in June    98.0%      98.0%     96.5-100.5%

The new monthly feedlot inventory appears to be well anticipated with all 
three categories coming in close to expectations. The June placement total 
was somewhat smaller than the average trade guess, but probably not enough 
to influence futures when trade resumes on Monday. 
Although June marketing was fits well with trade expectations, it does 
represent a rather small total. In fact, last month's marketing represents 
the lowest feedlot out-movement for the month since the series began in 
1996. 

The July 1 Cattle Inventory totaled 95 million head, 3% below January 1 of 
2012. Remember, no report was issued in 2013 due to budgetary cuts. Beef 
replacement heifers as of July 1 totaled 4.1 million head, down 2% from 
2012. 

The 2014 calf crop is estimated at 33.6 million, down 1% from 2013 and 
down 2% from 2012. 


For more Harrington comments check, out http//:www.feelofthemarket.com
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