Cattle and calves on feed for slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 9.8 million head on Aug. 1, 2014, the U.S. Department of Agriculture (USDA) said in a report last week. The inventory was 2 percent below Aug, 1, 2013.

Analysts expected the report to show fewer cattle entered feedlots in July as higher prices discouraged...