In its semi-annual report, the Department of Agriculture said total cattle numbers — on and off feedlot — for
July 1 were 100.0 million head, down 1.1 percent from a year ago. In a separate report, the USDA reported feedlot inventories at 10.45 million head, up 3.8 percent from a year ago. New feedlot placements in June were up 4 percent. 
 Putting the numbers together shows that drought-induced early placement of feeders has caused feedlot numbers to swell. But those ...

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