The U.S. had 11.7 million head of cattle on feed as of Mar. 1, up almost 9 percent from a year ago. March was the fourth month in a row to reflect at least an 8 percent year-over-year increase in cattle on feed, by far the strongest growth rate in recent years. The steady rise in feed demand has finally resulted in a sharp monthly gain in corn gluten meal pricing, which was up 7 percent from February, according to Jacobsen pricing for the Midwest. Corn gluten feed pricing remains on the rise, with March prices up slightly from February but up nearly 20 percent from last year.
Cattle on feed vs. corn gluten meal pricing
Source: USDA, Jacobsen
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