Friday's USDA Cattle on Feed Report points to tighter supplies, but not as tight as traders generally expected in advance of the report.

Placements in feedlots during January totaled 2.03 million, 9% above 2013. Traders expected roughly a 2.6% hike in placements. Larger-than-expected January placements pushed the Feb. 1 cattle on feed inventory to 10.760 million head, down 3% from Feb. 1, 2013. Traders expected the on feed inventory to be down about 5.2%.

January marketings, at 1.788 million, were 5% below 2013, not far out of line with the 4.6% reduction traders expected.

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