Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 10.7 million head on Nov. 1. The inventory was 1 percent below Nov. 1, 2015, the USDA noted.

This wasn’t a surprise to an­­alysts, The Cattle News Site reported. Analysts from Urner Berry expected the U.S. cattle on feed inventory to be down 1 percent from last year, according to a Daily Livestock Report published by Steiner Consulting Group last week.

There were 600,000 head on feed in Iowa feedlots with a capacity of 1,000 or more head on...