USDA released its monthly Cattle on Feed (COF) report this afternoon. The inventory of all cattle and calves on feed in feedlots with 1,000 head capacity or larger was 11.3 million head, 99 percent of October 2018. Today’s report compares to 11 million head on 1 September; the 1 October herd was up slightly as would be expected seasonally.  September placements were 2.09 million head, 102 percent of last year. Cattle marketings in September were 1.74 million head, 101 percent of September 2018. All the numbers were in line with industry expectations.

Total marketings (the number of cattle sent to slaughter) kept current with an increase in Saturday kills making up for the idled Tyson plant in Kansas. September 2019 also had 2...