USDA’s November slaughter data helps decode some of the outlook for 2026. There are the known knowns - cattle and hog numbers are down, weights are up, and the breeding inventory for cattle is growing while for hogs it remains constant. But stabilized dairy cow slaughter, lower sow slaughter, higher heifer retention, and heavier weights foretell the supply side story going into the new year. Total cattle slaughter in November was estimated at 2.274 million head, about 293,000 head lower than 2024, or down 11.4 percent. There was one less day in November 2025 compared to 2024, and adjusting for that, November slaughter was down 6.7 percent.  Steer slaughter totaled 1.096 million head, down 108,100 head, or 9 percent lower than las...