Oliver Sloup at Blue Line Futures said, “The monthly Cattle on Feed Report showed on-feed supply at 11.6 million head as of May 1st, up 2% from a year ago, up slightly from the average trade guess calling for a 1.6% increase. Placements during April were up 6% from last year, well above the average trade guess that called for a 3.4% increase and the first increase in placements in 18 months. Marketings were down 10% from a year ago, which was close to the average trade estimate. Higher than expected placements have a chance to keep bears in control of the cattle markets next week.”