Cattle on Feed supply as of July 1 came in at 101% of last year versus the average trade estimate of 101.0% with a range of 100.1% to 101.7%. Placements for June were 93.2% versus trade expectations of 96.4% and a range of 89.9% to 100.7%. Marketings for June came in at 91.3% of last year, compared with the average estimate of 91.5% and a range of 90.0% to 94.5%. Marketings were the second lowest for June since the series began in 1996.

With On Feed numbers right on the guesses, the supply portion of the report was neutral. The lower-than-expected placements are friendly and may be explained by the fact there were two fewer business days for cattle to be placed in June of this year compared to June of 2023. This may support Feeder prices early next week. Marketings were close enough to the estimates to be neutral as well. Live cattle cash trade earlier this week was steady in Texas but slightly lower elsewhere, and we have not seen any updated cash bids yet this afternoon. August cattle futures closed higher today and have held support all week. A break below this week's low of 181.65 would be a negative technical sign. Following this report, feeder cattle may gain on live cattle early next week.

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.

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.