Friday’s USDA Cattle on Feed report was slightly bearish for traders, with placements during May down three percent from last year. The trade was looking for a four percent decrease. Marketings of 101 percent are steady with the trade guesses. The total number of cattle on feed is up two percent from one year ago and one percent more than the average trade guess. The total number of cattle on feed at 11.7 million head is the largest June 1 inventory since cattle on feed reports began in 1996.
