The USDA’s biannual inventory report showed 94.5 million head of cattle and calves in the United States on Jan. 1, down 1.6 percent from a year ago. January’s report also showed 11.2 million cattle on feed, down 7.1 percent from a year ago.In February, cattle prices were still low relative to beef prices, which will lead to ample slaughter levels and flat-to-weaker beef prices. But the beef supply drop from winter into spring is expected to be sharper than usual this year. Despite ...

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