USDA’s monthly Cattle on Feed report was released today. Total cattle on feed amounted to 11.7 million head, 98 percent of last year.   

Placements were the lowest for the month of November since the series began in 1996, dropping 11 percent on the year due to a tight cattle supply. Placements weighing less than 700 pounds were 50.8 percent of the total volume placed on feed, compared to 50.9 percent last year.   The continued suspension of cattle trade with Mexico remains a significant factor. Cattle placed on feed in Texas in November were down 30 percent. It would not be surprising if placements in Texas are down 600,000 to 700,000 head versus a year ago, which would account for roughly half of the total declin...