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CME: Bullish Cattle on Feed Report

29 May 2019

US - Analysts on average were expecting placements to be up 13.5 percent compared to a year ago, according to Steiner Consulting Group, DLR Division, Inc.

USDA results came in on the low end of the range and may be viewed as supportive for the fall market.

The USDA survey indicated that feedlots placed about 82,000 fewer cattle on feed than the market was expecting, a notable supply that may induce some adjustments to pricing for August and possibly for October.

Futures in those two contract months have been drifting lower recently and the most recent results may help stop that slide.

Placements in April were 147k head larger than a year ago. Placements of cattle over 800 pounds were up 55k head and placements of cattle 700-799 pounds were up 32k head.

So about 63 percent of the increase in placements came from cattle that should be market ready before the end of August.

Marketings were in line with expectations and fit well with steer/heifer slaughter in April.

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