CHICAGO (B)--Chicago Mercantile Exchange traders called the Sept. 15 monthly U.S. Department of Agriculture seven-state cattle-on-feed report neutral, with futures forecast steady to firm Sept. 18.
"We have got to keep the kills big and see beef demand increase," said trader Philip Stanley, referring to the how the market can overcome the high on-feed numbers.
USDA estimated cattle on feed Sept. 1 at 110% of last year compared with analysts' average forecast of 109.9%, within a range of 108.0% to 111.5%.
August placements were estimated at 100% compared with the average analyst estimate of 99.4%, within a range of 93.0% to 105.0%.
USDA forecast August marketings at 108% compared with the analyst average of 105.3%, in a range of 103.0% to 109.0%.