The USDA’s latest Cattle on Feed report indicates further industry contraction.

Placements of cattle into feedlots during April 2023 were down 4% from April 2022 at 1.75 million head, towards the middle of pre-report expectations.

The year-to-year decline can be tied to tighter available numbers.

And while corn prices have softened and pasture conditions have improved in some states, other major feeding areas continue to face drought conditions and tight hay supplies

April marketings fell 10% to 1.7 million head and the total number of cattle on feed on May 1st was 3% lower at 11.6 million head.

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