The USDA says 2.192 million cattle were placed into feedlots during October.

That’s down 11% on the year and a larger cut than what some analysts were expecting heading into the report, with significant declines noted in all weight categories because of higher feed prices and drought or near drought conditions in some of the major feeding areas.

The total number of cattle on feed on November 1st was up 1% at 11.973 million head, the biggest inventory for the start of the month since the series of reports began in 1996.

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