Cattle Industry Dynamics Finally Lining Up

The latest Cattle on Feed report pegs November 1 feedlot inventory at 11.706 million head, 98.0 percent of last year and the second consecutive monthly year over year decrease. The 12-month moving average of feedlot totals, which shows the average feedlot total for the previous year, peaked in September 2022 (Table 1). Feedlot inventories are expected to decrease year over year for the foreseeable future. Table 1 shows how cattle industry dynamics have developed since the last cyclical peak, with peak totals for each category highlighted in yellow. The peak average cow herd and calf…