USDA’s monthly Cattle on Feed report showed that two million cattle were placed on feed in large feedlots (capacity of 1,000 or more) last month, down 19% from a year ago. This is the lowest cattle placements during the month of September since 1996. Cattle and calves on feed for slaughter market in large feedlots were down 3% from a year ago. All indications point to higher beef prices for consumers next year.