Widespread drought means fewer cattle, costlier beef

The U.S. cattle herd continues to shrink amid widespread drought with the Sept. 1 feedlot inventory count down 10,637 head, falling about 1% from a year ago, according to the U.S. Department of Agriculture.

This is only the second time in the last 28 months that feedlot inventories have dropped below year earlier levels on a month to month basis, according to Derrell Peel, Oklahoma State University Extension Livestock Marketing Specialist.