 Yes, it is true. Placements of cattle in the feedlots last month totaling 7% below July a year ago. However, also true... Cattle inventories are still 1% higher than they were a year ago. USDA Livestock Analyst Mike McConnell's comments as he studied Friday's USDA Cattle on Feed report. Now, you'd think feedlot inventories would be smaller, but McConnell says there are several reasons why they are not and why beef production is fairly stable right now. First...