Friday Sees Release of Bullish On-Feed Report


SUMMARY: The September 1 Cattle on Feed report looks bullish with August placements coming in below trade expectations.

By John Harrington

DTN Livestock Analyst

On Feed September 1

USDA Actual:  99.0{6b02cb02835b82b7f756ddf6717aaab7139b350de274ea97f5b53eb230607107}    

Average Guess 100.0{6b02cb02835b82b7f756ddf6717aaab7139b350de274ea97f5b53eb230607107}  

Guess Range:  98.5-101.5{6b02cb02835b82b7f756ddf6717aaab7139b350de274ea97f5b53eb230607107}

Placed in August

USDA Actual:  89.0{6b02cb02835b82b7f756ddf6717aaab7139b350de274ea97f5b53eb230607107}     

Average Guess:  92.5{6b02cb02835b82b7f756ddf6717aaab7139b350de274ea97f5b53eb230607107}  

Guess Range:  88.0-102.5{6b02cb02835b82b7f756ddf6717aaab7139b350de274ea97f5b53eb230607107}

Marketed in August  

USDA Actual:  95.0{6b02cb02835b82b7f756ddf6717aaab7139b350de274ea97f5b53eb230607107}     

Average Guess:  98.5{6b02cb02835b82b7f756ddf6717aaab7139b350de274ea97f5b53eb230607107}   

Guess Range:  97.5-99.0{6b02cb02835b82b7f756ddf6717aaab7139b350de274ea97f5b53eb230607107}

The September 1 Cattle on Feed inventory looks friendly with August placement coming in well below the average trade guess. This should be supportive of deferred live contracts when trade resumes on Monday.  Negatively, August marketings turned out to be smaller than expected with feedlot managers dragging their feet in the face of a weaker basis and significant feeding losses.

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Source:  DTN

Posted with DTN Permission by Haylie Shipp


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