We told you earlier this week that USDA’s September Cattle on Feed report shows the number of cattle and calves on feed for the slaughter market in the U.S. was at 11.4 million head on Sept. 1. That is 4% above Sept. 1, 2019 and the highest Sept. 1 inventory since the series began in 1996. In a report from Gary Crawford, a USDA analyst says large numbers of cattle in feedlots now will pressure prices the first part of next year.