Feedlot Placements Set Record October Low

Placements of cattle in America’s feedlots set a 26-year low for the month of October, dropping six percent year-over-year as prolonged drought and rising input costs continue to weigh on ranchers.  USDA’s monthly Cattle on Feed report indicates that 2,108,000 head were led to the nation’s largest feedlots during October.  With marketings up slightly at 1,802,000, feedlot populations at the start of November were down nearly two percent at 11,706,000 head.  Placements were below trade expectations heading into Friday’s report, while marketings and population were in line with analyst projections.