December 21: Last week's USDA Cattle on Feed report is being described as bullish by analysts as both the overall feeder inventory and new placements declined from the same time last year. According to the report, there were 11.3 million cattle and calves on feed in large U.S. feedlots as of Dec. 1, down one per cent from a year ago. Placements during November totaled 1.85 million, a drop of eight per cent from November 2008. USDA says this represents the second lowest placements total for November since reporting began in 1996. Also adding to the mood of optimism was a four per cent increase in marketings of fed cattle during November compared to a year ago. But that still represented the third lowest November marketing month since 1996.