Shrinking inventories make Cattle on Feed report market friendly.
USDA tallied the Sept. 1, 2013 cattle on feed inventory at 9.876 million head, that's 92.3% of the Sept. 1, 2012 value and about 0.7% below the average trade guess in advance of the report.
Based on surveys, USDA estimated feedlots placed 1.788 million cattle in August. That was about 89.3% of August 2012 placements and about 0.4% less than traders expected.
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