USDA released the October “Cattle on Feed” report on Friday. Feedlot inventory totaled 11.6 million head on October 1, 2023, a 1% rise from October 1, 2022. USDA said this is the second highest October 1 inventory since the series began in 1996. The trade had expected the inventory to be unchanged from last year’s levels.
The inventory included 6.95 million steers and steer calves, up slightly from the previous year. The group accounted for 60% of the total inventory. Heifers and heifer calves accounted for 4.64 million head, up 1% from 2022.
Placements in feedlots during September…
