Big numbers in Friday's USDA report on cattle feedlots with capacities of 1000 head or more. For example just under two and a quarter head were placed in to feedlots in September. That's on the high end of industry expectations; 6% higher than September 2019. And even  with marketings out of feedlots up 6% the inventory in there as of October first 11.7 million head 4% more than a year ago.

And according to USDA Livestock analyst Shayle Shagum, that's "the highest October 1 inventory numbers since the series began in 1996."

"[That large placement number] likely reflects that fact that as we got in to  late august early in to September, and in to September actually, we saw rather dramatic deterioration in pasture conditions."

By mid-September 41% of the  nation's pastures and rangelands were rates in very poor to poor condition. So producers sent more animals in to feedlots which have maintained record high inventories now three straight months. 

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