The U.S. inventory of cattle and calves on feed for the slaughter market in feedlots with capacity of 1,000 or more head totaled 11.6 million head on May 1, down 3% from a year ago, according to the U.S. Department of Agriculture’s (USDA) monthly Cattle on Feed report.

Placements in feedlots during April totaled 1.75 million head, 4% below last year. Marketings of fed cattle during April totaled 1.7 million head, 10% below 2022.

The report should be viewed as neutral for the cattle market since ...