Feedlot inventories were lower to start September, but placements leading up to the month exceeded trader estimates and last year’s figures. The monthly USDA Cattle On Feed report indicates that 11,234,000 head were on feed at the start of the month, down one percent from a year ago. Placements during August jumped two percent from a year ago to 2,104,000, which was an increase of 360,000 from July’s placements. Marketings were slightly lower at 1,885,000. Traders surveyed ahead of Friday’s report expected a larger drop in the overall population, including a one-percent slide in placements.