Derrell S. Peel, Oklahoma State University Extension Livestock Marketing Specialist — The latest USDA-NASS Cattle on Feed report pegged April 1 feedlot inventories at 11.96 million head, 102 percent of last year and a record April level for the data series, which started in 1996. The twelve-month moving average of feedlot inventories is just slightly less than the record annual moving average in January 2007, meaning that the average level of feedlot inventories the past year is just shy of a record level. Regional differences in on-feed inventories were pronounced and likely reflect the impacts of winter weather. Feed lot inventories were up year over year in Texas (up 6 percent); Colorado (up 12 percent), Kansas (up 2 percent); and Oklahoma (up 2 percent). Feedlot totals were down year over year in Nebraska (down 4 percent); Iowa (down 4 percent); and South Dakota (down 4 percent).