All cattle in feedlots of 1,000 or more head totaled 11.9 million on Nov. 1, according to the monthly Cattle on Feed report from the U.S. Department of Agriculture (USDA) last week. This inventory was 2% above year-ago levels and 3% higher than on Oct. 1. 

The year-over-year growth was within analysts’ estimates.

Iowa’s inventory was un­­changed from Oct. 1 at 640,000 head in feedlots of 1,000 head or more, but was 2% above last...