Cattle on Feed June 1
USDA Actual: 104{dfeadfe70caf58f453a47791a362966239aaa64624c42b982d70b175f7e3dda2}
Average Guess: 105.5{dfeadfe70caf58f453a47791a362966239aaa64624c42b982d70b175f7e3dda2}
Guess Range: 104.5{dfeadfe70caf58f453a47791a362966239aaa64624c42b982d70b175f7e3dda2} – 107{dfeadfe70caf58f453a47791a362966239aaa64624c42b982d70b175f7e3dda2}
Placed in May
USDA Actual: 89{dfeadfe70caf58f453a47791a362966239aaa64624c42b982d70b175f7e3dda2}
Average Guess: 92.5{dfeadfe70caf58f453a47791a362966239aaa64624c42b982d70b175f7e3dda2}
Guess Range: 87{dfeadfe70caf58f453a47791a362966239aaa64624c42b982d70b175f7e3dda2} – 95{dfeadfe70caf58f453a47791a362966239aaa64624c42b982d70b175f7e3dda2}
Marketed in May
USDA Actual: 107{dfeadfe70caf58f453a47791a362966239aaa64624c42b982d70b175f7e3dda2}
Average Guess: 103{dfeadfe70caf58f453a47791a362966239aaa64624c42b982d70b175f7e3dda2}
Guess Range: 102{dfeadfe70caf58f453a47791a362966239aaa64624c42b982d70b175f7e3dda2} – 104{dfeadfe70caf58f453a47791a362966239aaa64624c42b982d70b175f7e3dda2}
The June 1 inventory just released looks generally bullish with higher-than-expected marketings and smaller-than-expected placement activity.
Look for cattle futures to open moderately higher when trade resumes on Monday. However, some of this bullishness might already be reflected given large premiums in deferred live cattle contracts.
For more Harrington comments check out http://www.feelofthemarket.com/…
John A. Harrington can be reached at john.harrington@telventdtn.com
(AG)
© Copyright 2011 DTN/The Progressive Farmer, A Telvent Brand. All rights reserved.
Posted with DTN Permission by Haylie Shipp
