USDA’s Cattle on Feed Report, released on Friday, January 23rd, didn’t contain any real surprises. The most interesting number in the report was the number of heifers on feed and its implications for herd rebuilding. Heifers on feed totaled 4.435 million head, down 140,000 head from last January 1. The 140,000 head decline amounted to a 3.1 percent decline from a year ago. The number of steers on feed also declined by 3.2 percent. That left the number of heifers on feed as a percent of total on feed at 38.73 percent, hardly different from last year’s 38.70 percent. It was the fewest January...

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