The latest USDA Cattle on Feed report showed March 1 feedlot inventories at 11.645 million head, down 4.5 percent year over year and the lowest March inventory since 2017. Placements in February were down 7.2 percent year over year and the sixth consecutive monthly decrease in placements. In fact, placements were down 10 of the past 12 months. February marketings were down 4.9 percent from one year earlier.
Figure 1 shows monthly inventory totals (blue line) and a 12-month moving average (MA) of monthly feedlot inventories (green line) since 2011. While monthly feedlot…
