Friday’s cattle on feed report offered dramatic news for the industry. March feedlot placements totaled 1.5 million head, down 23 percent from 2019. That is the lowest total since this series of reports began in 1996. Placements were down 21 percent in South Dakota and 29 percent in Minnesota. For the U.S., the cattle inventory was up five percent and marketings increased 13 percent.
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