The USDA’s July Cattle Inventory Report estimated all cattle and calves in the U.S. at 95.0 million head, the lowest on July 1 since the USDA began tracking the data in 1973. That tight supply has led to record-high cattle prices. Mike Briggs, feedlot manager from Seward, Nebraska, analyzes current feedlot margins, the price of corn and the industry’s recovery from drought.