According to the latest USDA Cattle on Feed report published last week, feedlot inventories were below year-ago levels for the fifth consecutive month. There was an estimated 11.70 million head of cattle on feed as of February 1, 4% lower than February 1, 2022. For perspective, February 2022 feedlot inventories were historically large, partly explaining the 4% decline. That is, comparing inventories this year to a historically large number last year.
On-feed inventories were 4% lower in Kansas and 6% lower in Texas….
