I normally do not any longer post on Vet-Med issues as I promised I would not long ago. However -- just in case this may help you get to the bottom of it sooner -- your explanation concerns me no end.
Your description indicates there is no fecal material in the lower large intestine -- the FAT GLOBS appareaing things are most likely solidified mucus -- with no direct lubrication, the mucus does turn more solid. REASON -- and I hate to say this -- but everything I Have seen over the years leads me to think one thing -- at LEAST a minor -- if not major -- twisted intestine. It may be higher up in the tract leaning toward a DA (Displaced Abomasum) but I would rather think it is further down the tract.
Once you have a major twist -- it will not take very long before you have necrotic tissues due to lack of blood flow, then the end result will always a rupture and resulting death from paritinitis. Let's hope this is not the case -- some times you can palpate the twist, lay the animal down and actually get lucky enough to turn him over in the opposite direction of the twist and it will untwist itself. I would still worry about the dead or dying area right at the twist however.
I wish you the best of luck finding out -- and not by doing a necropsy. Time is of the absolute esence now -- it may already be too late if this is what is the problem. Very strange that a large steer on full feed would ever get empty enough to alow a twist though -- puzzling in deed!
Terry