The Cattle on Feed report released after the close Friday was bullish relative to market expectations. January placements were up 7 percent from the low year-ago level, compared to pre-report estimates for a double-digit increase. Marketings were equal to the year-ago level despite one less business day in January of this year. The February 1 feedlot inventory is up 2 percent from last year compared to pre-report estimates for a 2.5 to 3 percent increase. The report should help futures recover part of Friday's steep losses. Futures will be closed Monday so the impact of the report will be reflected in the futures market on Tuesday.