| Recent History | |||||||
| On Feed | Placements | Marketings | On Feed | ||||
| Month | Million Head | % YoY | Million Head | % YoY | Million Head | % YoY | 90+ Days |
| 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% | 2.181 | 104.6% | 1.763 | 97.7% | 5.935 |
| Nov-23 | 11.943 | 101.8% | 1.873 | 98.3% | 1.751 | 92.6% | 5.720 |
| Dec-23 | 12.011 | 102.7% | 1.704 | 95.5% | 1.725 | 99.1% | 5.917 |
| Jan-24 | 11.930 | 102.1% | - | - | - | - | 6.341 |
| Cattle on Feed Estimates | |||||
| Estimates | |||||
| As Of | Average | Low | High | Last Year | |
| On Feed | Jan | 102.2% | 101.4% | 102.5% | 97.0% |
| Placements | Dec | 95.5% | 91.5% | 98.0% | 90.8% |
| Marketings | Dec | 99.3% | 98.2% | 100.7% | 93.9% |
Highlights
The USDA Cattle on Feed Report showed placements for the month of December at 95.5% of a year ago, which was right on the average trade expectation. (Expectations ranged from 91.5% to 98.0%.) December marketings came in at 99.1% of last year versus 99.3% expected (range 98.2% to 100.7%). January 1 on feed supply came in at 102.1% versus 102.2% expected (range 101.4% to 102.5%).
The report was about as neutral as they come, with placements, marketings, and on feed coming in at or very close to average trade expectations. The does not alter the generally bullish tone this week, but the market may have gotten a bit overdone on the rally. Based on the report, we look for April Cattle to open near unchanged on Monday.
The report was about as neutral as they come, with placements, marketings, and on feed coming in at or very close to average trade expectations. The does not alter the generally bullish tone this week, but the market may have gotten a bit overdone on the rally. Based on the report, we look for April Cattle to open near unchanged 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.
