The USDA Cattle on Feed supply as of December 1st was 99.7% of last year versus the average trade estimate of 99.9%, with a range of 99.4% to 100.6%. December on feed numbers were 11.982 million head compared to 11.966 in November 2024 and 11.60 in October. The report showed November placements at 96.3% versus trade expectations of 96.1% and a range of 92.6% to 98.9%. Today's placements compare to unusually small placements a year ago and hit a 9-year low. November 2024 had one fewer weekday than November a year ago. Marketings for November were 98.5% of last year, as compared with the average estimate of 98.1% and a range of 96.6% to 98.7%.

The report data is considered mixed, with on feed numbers slightly below expectations and both placements and marketings slightly above expectations. A holiday-shortened week is ahead, and volume may be low, which could exacerbate price swings. Today's report is unlikely to result in a major move early next week, and price action on Monday will be more influenced by US stocks, any cash cattle trade late this afternoon, and the US dollar. February live cattle key support remains at the December low of 185.90. Retracement resistance to the contract high early this week is 189.75 and a challenge of that level early next week may find headwinds.

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.