Cattle on feed dips below year-ago

The latest Cattle on Feed report was the first month in 2022 that feedlot inventories were below year-ago levels.The report was largely in line with pre-report expectations.Total cattle on feed as of October 1 was estimated at 11.45 million head which is about one percent lower than the same date in 2021. As shown in the chart below, inventory increased from September to October, but this was driven by the usual seasonal pattern of building inventories in the fall.  The decline from a year-ago is a more telling comparison and has implications for inventories this fall and beef…