Last week’s Livestock Roundup noted that heifers on feed were up 1 percent from last October, an indicator that the liquidation cycle is not over.  Also, beef cow slaughter is a metric to watch in Q4 since that is when culling is always at a seasonal high as producers decide whether to keep cows over the winter.  Today we take a look at the dairy sector. This summer, dairy margins were tight as feed costs remained elevated and milk prices continued their fall. However, the new grain crop has feed prices starting to ease, boosting margins.  

Additionally, hot weather was a factor through August in the West, impacting yields in that region but yields in the rest of the major production states registered year-over...