Cattle on Feed supply as of March 1st was 97.8% of last year, compared to the average trade estimate of 98.2%, with a range of 97.0% to 99.0%.

Placements for February were 82.2% versus trade expectations of 85.6% and a range of 79.1% to 90.5%. In January 2024, placements declined significantly on wintry weather and then rebounded by March 1st, which is part of the reason for the significantly lower placements in this report, although they did come in at the lower end of the range of guesses. Marketings for February were 91.1% of last year as compared with the average estimate of 92.0% and a range of 91.2% to 93.2%. Part of the reason for the low marking number was one extra day in February of last year compared to February of 2025.

Significant lower placements were anticipated but came in even lower than the average guess. Marketings and On Feed were mixed. This report will likely take a backseat early next week to the unfolding technical situation in both live and feeder cattle. After a massive rally in the cattle markets over the last 13 sessions with no retracement, prices hit extreme overbought levels. Today, long liquidation resulted in key downside reversals across the cattle complex and a warning shot to the bulls. Another lower close on Monday could set the stage for the 1st significant correction this month.

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.