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.
For more Harrington comments check out http//:www.feelofthemarket.com
Source: DTN
Posted with DTN Permission by Haylie Shipp
