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Cattle on feed numbers near estimates

USDA reports the total number of cattle on feed as of December 1 was 11.6 million head, up 3% on the year and slightly larger than expected.

Placements came out at 106% of a year ago, bigger than anticipated and the fourth month in a row of higher placements. That’s due to continued cow/calf liquidation and an increase in the price of corn from October to November.

Marketings for November were reported at 109% of a year ago with one more work day in November 2010 than November 2009. Before the report, analysts saw marketings at 110%.

The early reaction from analysts was that the numbers look pretty much neutral for futures trade.

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