USA: Several factors keeping cattle on feed elevated

Prior expectations for the number of cattle on feed in the second half of 2023 were that generally tighter cattle supplies and potentially growing retention of heifers for breeding would lead to smaller levels than a year ago. However, the Cattle on Feed report, published on Oct. 20 by the USDA National Agricultural Statistics Service (NASS) estimated the Oct. 1 feedlot inventory at 11.58 million head, 0.6% above 11.509 million head in the same month last year. Feedlot net placements in September were 6% higher year over year at 2.149 million head, which was above industry analyst expectations. Marketings in September registered 1.663 million head, down more than 10% year over year. Regarding September placements, U.S. imports of feeder cattle from Mexico in September were up 136% from last year, likely contributing to the increase in placements. From January to September, U.S. imports of feeder cattle from Mexico were up 45% from the same period last year but slightly above the ...