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Cattle on Feed Report                  05/22 11:05

By John A. Harrington
DTN Livestock Analyst

                    USDA Actual   Average Guess       Range
Cattle On Feed:
On Feed May 1           101.0%      101.5%        101.0-102.5%
Placed in April          95.0%      102.5%         97.5-105.5%
Marketed in April        92.0%       92.5%         91.5-104.0%

The Cattle on Feed report just released looks neutral to 
friendly with April placement activity somewhat smaller than 
anticipated. Theoretically such news should be supportive of 
deferred live cattle contracts, especially given the fact that 
they are currently discounted to spot feedlot cash.
The marketing total for the last month was well anticipated. 
Nevertheless, it's worth noting that it represents a rather 
small total, a function of limited placement earlier this year 
and longer feeding periods engineered by feedlot managers. 

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