| Recent History | |||||||
| On Feed | Placements | Marketings | On Feed | ||||
| Month | Million Head | % YoY | Million Head | % YoY | Million Head | % YoY | 90+ Days |
| Mar-23 | 11.650 | 95.5% | 1.992 | 99.4% | 1.977 | 98.9% | 6.372 |
| Apr-23 | 11.612 | 95.6% | 1.758 | 96.4% | 1.702 | 89.9% | 6.125 |
| May-23 | 11.617 | 96.6% | 1.955 | 104.6% | 1.946 | 101.7% | 6.291 |
| Jun-23 | 11.552 | 97.1% | 1.678 | 102.7% | 1.957 | 95.0% | 6.025 |
| Jul-23 | 11.204 | 98.2% | 1.613 | 91.4% | 1.722 | 94.4% | 6.007 |
| Aug-23 | 11.030 | 97.7% | 2.003 | 94.9% | 1.884 | 94.0% | 5.992 |
| Sep-23 | 11.094 | 97.8% | - | - | - | - | 5.989 |
| Cattle on Feed Estimates | |||||
| Estimates | |||||
| As Of | Average | Low | High | Last Year | |
| On Feed | Sep | 97.8% | 97.2% | 98.6% | 101.0% |
| Placements | Aug | 94.3% | 91.8% | 98.1% | 100.3% |
| Marketings | Aug | 94.4% | 93.8% | 94.7% | 106.4% |
Highlights
The Cattle on Feed Report showed placements for the month of August at 94.9% of last year versus an average trade expectation of 94.8% and a range from 92% to 98.1%. Marketings came in at 94.0% versus 94.4% expected (range 92.2%-94.7%). September 1 on feed supply was 97.8% of last year, which was right on the average expectation (range 97.2% to 98.6%).
The Cattle on Feed report was neutral, with both placement and on feed numbers very close to the average expectations. The August marketings number was a bit lower than expected, and this could be considered bearish for the October contract, but we think the market will quickly look past it. The report affirmed the tight supply situation, and we think market will be ready to open higher on Monday and resume its uptrend. Look for cattle to open 1.00-2.00 higher on Monday.
The Cattle on Feed report was neutral, with both placement and on feed numbers very close to the average expectations. The August marketings number was a bit lower than expected, and this could be considered bearish for the October contract, but we think the market will quickly look past it. The report affirmed the tight supply situation, and we think market will be ready to open higher on Monday and resume its uptrend. Look for cattle to open 1.00-2.00 higher on Monday.
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.
