The USDA Cattle on Feed supply as of August 1st came in at 98.4% of last year, versus the average trade estimate of 98.1% with a range of 97.4% to 98.6%. Placements for July were 93.9% versus expectations of 91.0% and a range of 87.0% to 94.0%. Placements totaled 1.60 million head, 6 percent below 2024. Placements of cattle and calves weighing less than 600 pounds were 340,000 head, 600-699 pounds were 245,000 head, 700-799 pounds were 365,000 head, 800-899 pounds were 378,000 head, 900-999 pounds were 195,000 head, and 1,000 pounds and greater were 75,000 head. Markets were 94.3% versus the average estimate of 94.2% and a range of 93.9% to 94.7%.

On Feed and Marketings were very close to expectations and considered neutral, while the placement number was above guesses, but within the range, and considered slightly bearish. Futures were very strong most of this week in anticipation of a bullish report, closing in new contract highs today. Conditions are overbought, and traders may be disappointed in these numbers, resulting in a lower opening on Monday morning. Tight supplies remain, and cash prices can't seem to break, and may take more than this slightly bearish report to turn the market down for more than simply a minor downside correction.

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.