IARN – April’s USDA Cattle on Feed Report provided a breakdown of steers and heifers on feed with heifers falling to 37 percent of the total on-feed inventory. Typically, this is the initial signaling of herd rebuilding. ShayLe Stewart, a livestock market analyst with DTN, disagrees however and says that 37 percent is more of a neutral number, and does not indicate expansion or contraction of the herd.
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