Cattle on Feed Preview                 05/21 14:20

                        USDA Actual  Average Guess      Range
Cattle on Feed:
On Feed May 1              xxxxx         103.1%     102.3-103.8%
Placed in April            xxxxx         114.4%     109.7-118.9%
Marketed in April          xxxxx         106.6%     105.9-107.1%

"Early Cattle on Feed estimates appear to remain bearish for 
both live cattle and feeder cattle markets with strong increased 
in cattle placements expected, at 114% year ago levels, while 
total on-feed estimates range are seen at 103%," said DTN 
Analyst Rick Kment. "The glimpse of hope seen in the pre-report 
estimate is the increased marketing level of 106%, which could 
help lead to additional clearance through the rest of the 
summer."

The USDA Cattle on Feed report is scheduled for release at 2 
p.m. CDT on Friday, May 24.