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Source: Allendale news release

June Placements are expected to be 7.2% lower than last year. USDA's cattle feeding margin ended the month with $174 per head profits on outgoing cattle (nine months in a row). While feedlots are still bullish for live cattle prices they are seeing tightening feeder supplies and pricing to be a challenge.

Corn averaged $4.68 in Western Kansas in June ($4.97 in May, $7.17 in June 2013). June placements help supply the November through February slaughter period.

Allendale anticipates a Marketing total 0.4% higher than June 2013. There was a one more weekday and one less Saturday in June of 2014 which skewed numbers higher.

Total Cattle on Feed as of July 1 now totals 2.8% under last year.

Allendale projects a 541 million lb. total pork stock level for the end of June. The five year average is 529 million lbs. for the end of June.

Our estimate represents a decrease of 34 million lb. from the previous month. The five year average month to month change for June is a 46 million lb. decrease.

Beef stocks, at 372 million lbs., are below the five year average of 438. This month's number represents a 7 million lb. drawdown from the previous month. The five year average change is a 3 million lb. decrease.

Cold Storage stocks are estimated - in million pounds while Cattle on Feed is estimated as a percentage compared to last year.

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