The USDA says the number of cattle placed into U.S. feedlots in February fell sharply.
The total of 1.734 million head was down 7% on the year, towards the low end of pre-report estimates, and the sixth months in a row with a decline.
Drought continues to be an issue in some of the major U.S. feeding areas, feed costs are still relatively high, and a large number of cattle were pulled forward during 2022.