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Cattle On Feed Report                 05/26 11:00

By John Harrington
DTN Livestock Analyst

                        USDA Actual  Average Guess      Range
Cattle On Feed:
On Feed May 1                102%       101.0%       98.0-102.5%
Placed in April              111%       106.5%      103.0-112.5%
Marketed in April            103%       101.0%      101.0-102.5%

The May 1 on-feed report looks generally negative thanks to 
confirmation of a much larger April placement than generally 
expected. Indeed, last month's in-movement (i.e., 1.848 million 
head) was 15% larger than the three-year average and the second 
largest since the data series began in 1996 (surpassed only by 
April 2003).

Deferred live futures are now trading with triple-digit losses, 
no doubt pressured in part by the bearish placement news. That 
said, the board was already heavily discounted before this news 
hit the press.

Positively, the April marketing total also turned out to be 
larger than the average trade guess anticipated. A 3% hike over 
2016 seems especially impressive give one fewer business day on 
this year's calendar. This means that the daily marketing rate 
in April was close to 8%-9%greater than last year. Such 
constructive data underscored how current the feedlot sector 
remains.

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


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