"What we're basically looking at are the number of cattle on feed in the US being down about 7pc from a year ago," says USDA livestock analyst Shayle Shagam.

"Placements were down about 11pc, which is a fairly sharp decline."

Feedlot prices are lower and according to Mr Groseta with grain prices up and fed cattle prices coming down, profits are also in decline.

"We've lost $3.1 billion worth of business," Groseta says.

"In the last 11 consecutive months we've lost money in the cattle feeding business in the United States, and so it's taken a lot of equity out of our business."