The recent February World Agricultural Supply and Demand Estimates (WASDE) report forecast beef production to increase in 2026 due to greater slaughter of steers and heifers, increased cow slaughter, and heavier dressed weights, all of which will provide some relief to the beef market. Also, the USDA’s January Cattle report estimated that the 2025 calf crop was smaller than the previous year, but as of 1 January, there were more feeder cattle held outside feedlots available to be placed during the first half of 2026. The question is: where will they go? The Cattle report shows the quarterly number of cattle on feed in feedlots of all sizes, not just those of 1,000 head or more capacity as covered by the monthly cattle on feed report.&...