USDA Cattle on Feed Report Seen as Neutral

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ON FEED AUG. 1

USDA Actual:  102.0{4d08edaf359bc2115b18a651716ebd427a137946ddca2143fa23b3ea721061e4}

Average Guess:  102.0{4d08edaf359bc2115b18a651716ebd427a137946ddca2143fa23b3ea721061e4}

Guess Range:  101.5-102.5{4d08edaf359bc2115b18a651716ebd427a137946ddca2143fa23b3ea721061e4}

PLACED IN JULY

USDA Actual:  94.0{4d08edaf359bc2115b18a651716ebd427a137946ddca2143fa23b3ea721061e4}

Average Guess:  92.5{4d08edaf359bc2115b18a651716ebd427a137946ddca2143fa23b3ea721061e4}

Guess Range:  90.0-96.5{4d08edaf359bc2115b18a651716ebd427a137946ddca2143fa23b3ea721061e4}

MARKETED IN JULY

USDA Actual:  98.0{4d08edaf359bc2115b18a651716ebd427a137946ddca2143fa23b3ea721061e4}


Average Guess:  99.5{4d08edaf359bc2115b18a651716ebd427a137946ddca2143fa23b3ea721061e4}

Guess Range:  97.0-100.5{4d08edaf359bc2115b18a651716ebd427a137946ddca2143fa23b3ea721061e4}

Placements in July were a little stronger than the average trade guess, but within the range of pre-report estimates. Marketings were a little weaker than the average trade guess, but also within the range of pre-report estimates. Cattle on feed as of Aug. 1 came in at 102 percent, equal to the average pre-report guess.

All-in-all, these numbers are probably neutral as far as futures trade goes Monday. Any strength that may be seen would be more accurately attributed to ongoing noncommercial buying and continued cash and wholesale price strength.

(CZ)

© Copyright 2010 DTN/The Progressive Farmer, A Telvent Brand. All rights reserved.

 

Posted with DTN Permission by Haylie Shipp.

 

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