Material regularly found in feedlots (4)
I believe the answer is:
felt
'material' is the definition.
(felt is a kind of material)
'regularly found in feedlots' is the wordplay.
'regularly found in' indicates alternate letters.
The alternating letters of 'feedlots' are 'FELT'.
(Other definitions for felt that I've seen before include "Considered" , "Soft fabric; touched" , "Handled - material" , "compassion" , "Fingered" .)