The Cattle on Feed report released Friday afternoon reinforces the bearish cattle supply situation. The feedlot inventory is up 8% from last year, on the high end of pre-report estimates for a 7% to 8% increase. February placements were up 5%, a couple points above expectations. Marketings were down 1%, in line with pre-report estimates. There were no big surprises in the report but the numbers have to be considered somewhat negative. The March 1 feedlot inventory is 12.0 million head, the highest on record for the month of March for the current data which began in 1996. Marketings were the lowest on record for the month of February in this data set. Doane economists look for futures to open 25 to 50 points lower Monday morning in reaction to the report.