“It’s a pretty big deal, record-low placements for November,” Allendale Inc chief strategist Rich Nelson told Reuters.

Cattle that entered feedlots in November will be ready for slaughter around April 2016. The data suggests tighter cattle supplies going into this spring and summer, which would help bolster cattle prices ahead.

iPath Bloomberg Livestock Subindex Total Return ETN

For more information on the commodities market, visit our commodity ETFs category.

Max Chen contributed to this article.