| Recent History | |||||||
| On Feed | Placements | Marketings | On Feed | ||||
| Month | Million Head | % YoY | Million Head | % YoY | Million Head | % YoY | 90+ Days |
| May-24 | 11.554 | 99.1% | 2.046 | 104.3% | 1.955 | 100.2% | 6.425 |
| Jun-24 | 11.583 | 99.9% | 1.564 | 93.2% | 1.786 | 91.3% | 6.304 |
| Jul-24 | 11.304 | 100.5% | 1.702 | 105.8% | 1.855 | 107.7% | 6.213 |
| Aug-24 | 11.095 | 100.3% | 1.976 | 98.7% | 1.819 | 96.5% | 5.958 |
| Sep-24 | 11.198 | 100.6% | 2.156 | 98.1% | 1.698 | 102.0% | 6.123 |
| Oct-24 | 11.600 | 100.0% | 2.286 | 105.3% | 1.845 | 104.7% | 5.932 |
| Nov-24 | 11.986 | 100.3% | - | - | - | - | 5.733 |
| Cattle on Feed Estimates | |||||
| Estimates | |||||
| As Of | Average | Low | High | Last Year | |
| On Feed | Nov | 99.9% | 99.2% | 101.3% | 101.4% |
| Placements | Oct | 103.4% | 100.0% | 107.0% | 104.1% |
| Marketings | Oct | 105.1% | 104.7% | 105.7% | 97.8% |
Highlights
Cattle on Feed supply as of November 1st was 100.3% of last year, compared to the average trade estimate of 99.9%, which ranged from 99.2% to 101.3%. The number of cattle on feed as of November 1st was 12 million head.
Placements for October were 105.3% versus trade expectations of 103.4% and a range of 100.0% to 107.0%.
Marketings for October were 104.7% of last year's total, compared with the average estimate of 105.1% and a range of 104.7% to 105.7%.
On feed numbers were at the very high end of the range of estimates, and along with higher than expected placements and marketing below guesses, the report is considered moderately bearish. There was one more weekday in October than a year ago which may have contributed to the higher placement number. The higher placements may weigh on feeder cattle futures early next week after the sharp rally this week.
Placements for October were 105.3% versus trade expectations of 103.4% and a range of 100.0% to 107.0%.
Marketings for October were 104.7% of last year's total, compared with the average estimate of 105.1% and a range of 104.7% to 105.7%.
On feed numbers were at the very high end of the range of estimates, and along with higher than expected placements and marketing below guesses, the report is considered moderately bearish. There was one more weekday in October than a year ago which may have contributed to the higher placement number. The higher placements may weigh on feeder cattle futures early next week after the sharp rally this week.
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.
