The annual Cattle report estimated that total cattle inventories in the U.S. were up 3.2 percent year over year at 92.0 million head. From various inventories categories we can calculate an estimated supply of feeder cattle outside of feedlots. For January 1, 2016, this estimate is 25.9 million head, up 5.3 percent from one year ago. This is a 1.31 million head increase in the estimated feeder supply. This compares to the 2.3 percent year over year increase in the 2015 calf crop, up 780 thousand head. The ratio of the estimated feeder supply to the 2015 calf crop is 75.5 percent, up slightly from last year and indicates some increase in carryover of feeder cattle from 2015 into 2016. That leads to the question of where those cattle are.