The cattle feedlot inventory was reported to be 11.2 million head as of the beginning of March, 2% higher than at the same time a year ago. Placements during February were down 6% from 2004 levels while marketings fell 4%. It is useful to remember that February 2004 had an extra day due to leap year. Placements were lower than the average of the pre-release estimates, but the March 1 inventory was essentially at the expected level. The March Cattle on Feed report will have little impact on cattle prices on Monday. For the near term, traders will continue to focus on the soap opera about USDA's rule to allow the resumption of imports of Canadian cattle.