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USDA report seen bullish near-term for cattle market

The USDA Friday estimated that there were 11.272 million head of cattle on feed in the U.S. as of June 1st, up .8% from a year ago and a little more than expected.

In general, market watchers see the USDA Cattle-on-Feed report as bullish to the nearby futures contracts, and bearish for outmonths. The future of the cattle prices will depend on the direction of the grain markets, according to market watchers.

May placements were up 13.5% from a year ago and marketings were down 3.5% from a year ago.

This looks to me to be a little bullish to the front and a little bearish to
the back months. We'll have to see how grain markets trade.

Also after the close, the USDA said that there were 57.2 million pounds of frozen bellies in storage, down 3% from a year ago. Frozen pork in storage totalled 491 million pounds, up 3% from a year ago.

The USDA Friday estimated that there were 11.272 million head of cattle on feed in the U.S. as of June 1st, up .8% from a year ago and a little more than expected.

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