The latest USDA Cattle on Feed report shows that the September 1 feedlot inventory was 11.279 million head, 100.4 percent of last year. Feedlot inventories typically reach a seasonal low in August or September with the low occurring in August in four of the last ten years and six times in September. The September 2022 inventory was up 0.5 percent from August, indicating that August was the low this year. The August low was 975,000 head lower, down 8.0 percent, than the record on-feed inventory in February 2022.
Feedlot inventories grow seasonally in the fall but the increase this…
