USDA’s latest Cattle on feed report indicates the number of cattle and calves on feed for the slaughter 
market in the U.S. was 11.6 million head on May 1, 2018, 5 percent above May 1, 2017. This is the second highest May 1 inventory since the series began in 1996. Placements in feedlots during April totaled 1.70 million head, 8 percent below 2017, while marketing’s of fed cattle during April totaled 1.80 million head, 6 percent above 2017. Rod Bain has a story explaining some of the trends observed for cattle feedlot inventories and marketing’s.
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