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USDA Cattle On Feed                    07/21 14:10

By John A. Harrington
DTN Livestock Analyst

                        USDA Actual  Average Guess      Range
Cattle On Feed:
On Feed July 1             104.0%     103.0%      102.0-103.5%
Placed in June             116.0%     106.0%      103.0-108.0%
Marketed in June           104.0%     104.5%      104.0-105.0%

July 1 Cattle*
All Cattle                 104.0%     N/A         Not available
Total Cows                 105.0%     N/A         Not available
Beef Cows                  107.0%     N/A         Not available
Milk Cows                  101.0%     N/A         Not available
Total Heifers Over 500#    103.0%     N/A         Not available
Beef Replacements           98.0%     N/A         Not available
Milk Replacements          100.0%     N/A         Not available
Other Heifers              109.0%     N/A         Not available
Steers 500# Plus           103.0%     N/A         Not available
Bulls 500# Plus            105.0%     N/A         Not available
Calves Under 500#          105.0%     N/A         Not available
2017 Calf Crop             106.0%     N/A         Not available
*: Compared to 2015

To start with, the July 1 Cattle on Feed report looks generally 
bearish. The June placement total turned out to be much larger 
than the trade was expecting. The combination of decent feeding 
margin prospects and dry pasture conditions probably played a 
significant role in the increase. Look for deferred live cattle 
futures to open lower when trade resumes on Monday.

As presented, the midyear Cattle Inventory is a bit difficult to 
interpret. Since an official inventory was not taken in July 
2016, the above percentages represent a comparison between this 
year and 2015. Generally speaking, it would appear that USDA has 
documented an inventory approximately 2% to 3% larger than 2016. 
Stay tuned for more details as we try to interpolate the 
inventory relative to last year.

For more Harrington comments, check out 

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