Feedlot inventory has fudge factor

Supply and demand drive cattle prices. The U.S. Department of Agriculture’s National Agricultural Statistics Service compiles a wealth of information regarding cattle supply from surveys of producers. It publishes that in Cattle on Feed reports.Using a balance-sheet approach ensures that estimates are as accurate as possible. Cattle on feed at the beginning of the month, plus placements, minus fed-cattle marketings and other disappearance should equal cattle on feed at the beginning of the