America’s feedlots started June with 57,000 fewer cattle than this point a year ago, exceeding analyst estimates. USDA’s monthly cattle on feed report indicates that 11.67 million head of cattle were on feed to start the month, a net gain of 471,000. While lower than last year, it’s still the second largest population on hand for the month of June. The higher population stems from marketings dropping to just 1.5 million head during May, a 28-percent drop and well below expectations. Placements were off slightly from a year ago at 2.04 million head.