Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 10.1 million head on Sept. 1, the U.S. Department of Agriculture (USDA) said in its cattle report last week.

The U.S. inventory was down slightly from the August report, but up 1 percent above Sept. 1, 2015, and in line with...