| Recent History | |||||||
| On Feed | Placements | Marketings | On Feed | ||||
| Month | Million Head | % YoY | Million Head | % YoY | Million Head | % YoY | 90+ Days |
| 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% | 2.206 | 106.1% | 1.663 | 89.4% | 5.989 |
| Oct-23 | 11.580 | 100.6% | 2.164 | 103.8% | 1.758 | 97.5% | 5.935 |
| Nov-23 | 11.931 | 101.7% | - | - | - | - | 5.725 |
| Cattle on Feed Estimates | |||||
| Estimates | |||||
| As Of | Average | Low | High | Last Year | |
| On Feed | Nov | 102.0% | 101.4% | 102.6% | 98.2% |
| Placements | Oct | 106.0% | 101.0% | 108.1% | 92.8% |
| Marketings | Oct | 98.1% | 97.2% | 98.5% | 100.7% |
Highlights
The USDA Cattle on Feed Report showed placements for the month of October at 103.8% of last year versus average trade expectations of 104.9% and 106.0% and a range of expectations from 99.8% to 108.1%. Marketings for October came in at 97.5% of last year versus 98% expected (range 97-98.5). Cattle on Feed supply as of November 1st came in at 101.7% of last year versus 101.9% expected (range 100.9% to 102.6%).
The report was neutral to supportive. Placements were below average expectations but not by very much. The fact that they did not come in as high as they did last month might be viewed as positive, especially with futures prices having fallen as much have over the past month. The on-feed number was neutral, and marketings were slightly negative. We look for the market to open 0.50-1.00 higher on Monday,
The report was neutral to supportive. Placements were below average expectations but not by very much. The fact that they did not come in as high as they did last month might be viewed as positive, especially with futures prices having fallen as much have over the past month. The on-feed number was neutral, and marketings were slightly negative. We look for the market to open 0.50-1.00 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.
