| Recent History | |||||||
| On Feed | Placements | Marketings | On Feed | ||||
| Month | Million Head | % YoY | Million Head | % YoY | Million Head | % YoY | 90+ Days |
| Nov-22 | 11.736 | 98.2% | 1.905 | 96.8% | 1.891 | 101.2% | 5.621 |
| Dec-22 | 11.693 | 97.6% | 1.784 | 90.8% | 1.741 | 93.9% | 5.787 |
| Jan-23 | 11.682 | 97.0% | 1.931 | 96.4% | 1.846 | 104.1% | 6.073 |
| Feb-23 | 11.704 | 95.9% | 1.738 | 93.0% | 1.734 | 95.0% | 6.258 |
| Mar-23 | 11.650 | 95.5% | 1.992 | 99.4% | 1.977 | 98.9% | 6.372 |
| Apr-23 | 11.612 | 95.6% | 1.748 | 95.8% | 1.701 | 89.9% | 6.125 |
| May-23 | 11.608 | 96.6% | - | - | - | - | 6.292 |
| Cattle on Feed Estimates | |||||
| Estimates | |||||
| As Of | Average | Low | High | Last Year | |
| On Feed | May | 96.5% | 95.5% | 97.2% | 102.5% |
| Placements | Apr | 96.2% | 91.8% | 99.6% | 99.9% |
| Marketings | Apr | 90.0% | 89.0% | 90.5% | 97.8% |
Highlights
The USDA Cattle on Feed Report showed placements for the month of April at 95.8% of last year versus an average trade expectation of 96.2% and a range of expectations from 91.8% to 99.6%. April marketings came in at 89.9% of last year versus an average expectation of 90% (range 89% to 90.5%). On feed supply as of May 1 came in at 96.6% of last year versus 96.5% expected (range 95.5% to 97.2%).
The report was not very exciting, as the numbers generally came near expectations. The placements number was a little bit supportive for the deferred contracts because they were 0.4% below the average expectation but still withing the range of guesses. Marketings were only 0.1% above expectations, and on-feed were 0.1% below. After the strong gains in the futures this week, the market could see a setback on Monday morning.
The report was not very exciting, as the numbers generally came near expectations. The placements number was a little bit supportive for the deferred contracts because they were 0.4% below the average expectation but still withing the range of guesses. Marketings were only 0.1% above expectations, and on-feed were 0.1% below. After the strong gains in the futures this week, the market could see a setback on Monday morning.
Definition
This file contains the monthly total number of cattle and calves on feed, placements, marketings, and other disappearances; by class and feedlot capacity for selected states; number of feedlots and fed cattle marketings by size groups for selected states. Data is organized by state and by U.S.
Description
This report offers a timely update on the current makeup of the beef cattle herd. It is probably the most-watched of the USDA reports for the cattle markets and can be a market-moving event if it contains a surprise. The marketings number provides an indicator of recent demand and has the ability to affect the price of nearby futures contracts. The placements number offers insight on the future supply of market ready cattle and has a tendency to affect the deferred contracts. Cattle are placed on feed for anywhere from 90 to 180 days, so a large placements number in June would project large market-ready supply in the fall. Both the placements and the marketings numbers inform the on feed number, which is a measure of current supply. The report offers state-by-state breakdowns as well by various weight groupings, providing an opportunity for further, in-depth analysis. Cattle on Feed reports are usually released on Friday afternoons after the cattle futures market closes, and the results will be reflected on the opening the following Monday morning.
