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Tuesday, April 25, 2017  
 
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Cattle On Feed Report                 04/21 14:00

By John Harrington
DTN Livestock Analyst

                        USDA Actual  Average Guess      Range
Cattle On Feed:
On Feed April 1            100.0%       100.0%       99.0-100.5%
Placed in March            111.0%       107.5%      102.0-109.5%
Marketed in March          110.0%       109.5%      108.0-110.0%

The monthly feedlot inventory just released looks somewhat 
negative thanks to larger-than-expected March placement 
activity. Indeed, last month's in-movement (i.e., 2.102 million 
head) represents the largest March placement since the data 
series began in 1996.

Theoretically, this news is negative late-summer futures. Yet 
August live is already trading close to $20 under spot cash.  
How much of the bad news in already dialed into board discounts?
Positively, the marketing total also proved to be a bit larger 
than expected, a fact that could help explain why feedlot appear 
to be so current.

The report contained further evidence of cooling expansion 
fever. While steers on feed were only up 2%, heifers at the bunk 
line totaled 3.67 million head, up 5% from 2016.

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


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