COMMODITY REVIEW AND OUTLOOK
195 Route 6A, Suite 6, Orleans, Massachusetts
800-634-3194(March 15, 2000) CATTLE: There is a Cattle on Feed on Friday afternoon. Guesses are as follows: On feed 108-110.2, with an average of 109.4, placements 95-106, with an average of 102.1, and marketings 107-111, with an average of 109.3. Numbers much different than the average may be able to move the market a bit. A couple of things stand out. One is that on feed numbers at 109.4 means plenty of cattle are out there, likely due to dry pastures in Texas and parts of Oklahoma. The other is that marketings at 109.3 means we're moving the cattle, and that demand is able to accept the increased supply. This strikes me as bullish to cattle in general, but possibly very bullish to deferred cattle, like October and December. We may not see much movement prior to the report. A negative report might be viewed as a buying opportunity.
M. Steven Morgan
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