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Cattle on Feed Preview                 09/20 14:50

                        USDA Actual  Average Guess      Range
Cattle on Feed:
On Feed Sept. 1            xxxxx         105.3%     104.2-105.9%
Placed in August           xxxxx         104.0%     101.1-107.0%
Marketed in August         xxxxx         100.1%      99.8-104.3%

Cash cattle saw some light sales in the North on Thursday around 
$175.00, but it seems likely that some will be waiting for 
Friday's 2 p.m. CDT Cattle on Feed report from USDA to commence 

Dow Jones survey expects Sept. 1 on-feed inventory to be up a 
little more than 5% from a year ago with placements up 4% in 
August. Marketings were expected to be even with a year ago. So 
far, December cattle are holding last Friday's breakout to 
$118.00, suggesting some may believe actual inventories to be 
lighter than expected.

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