October 20, 2008

Traders gathered on the floor of the Chicago Mercantile Exchange on Friday (October 17) for the US Department of Agriculture's monthly cattle-on-feed report called the outcome bullish for futures Monday, barring US financial market negativity.

"On the face of it, the placement and marketing numbers might be bullish for December cattle months on back, unless we have a downturn in the stock market after today's (Friday) rally," a cattle trader said.

The USDA reported the October on-feed number at 95.0 percent, compared to the average estimate of 95.5 percent and a range from 94.0 percent to 97.5 percent.

September placements were quoted at 94.0 percent versus a 96.4 percent average estimate. The projected placement range was 91.1 percent to 102.0 percent.

And, the September marketed number came in at 107.0 percent, against a 106.4 percent forecast average derived from a 104.8 percent to 107.1 percent estimated range.