| Recent History | |||||||
| On Feed | Placements | Marketings | On Feed | ||||
| Month | Million Head | % YoY | Million Head | % YoY | Million Head | % YoY | 90+ Days |
| Jun-25 | 11.443 | 98.8% | 1.441 | 92.1% | 1.707 | 95.6% | 6.267 |
| Jul-25 | 11.124 | 98.4% | 1.598 | 93.9% | 1.749 | 94.3% | 6.348 |
| Aug-25 | 10.922 | 98.4% | 1.780 | 90.1% | 1.571 | 86.4% | 6.162 |
| Sep-25 | 11.080 | 98.9% | 2.021 | 93.7% | 1.632 | 96.1% | 6.416 |
| Oct-25 | 11.418 | 98.4% | 2.040 | 90.0% | 1.698 | 92.0% | 6.172 |
| Nov-25 | 11.706 | 97.8% | 1.595 | 88.8% | 1.521 | 88.2% | 6.021 |
| Dec-25 | 11.727 | 97.9% | - | - | - | - | 6.229 |
| Cattle on Feed Estimates | |||||
| Estimates | |||||
| As Of | Average | Low | High | Last Year | |
| On Feed | Dec | 98.3% | 97.3% | 99.3% | 99.7% |
| Placements | Nov | 91.8% | 84.4% | 98.3% | 96.3% |
| Marketings | Nov | 88.5% | 87.5% | 89.0% | 98.5% |
Highlights
The USDA Cattle on Feed Report showed Cattle on Feed supply as of December 1st came in at 97.9% of last year, versus an estimate of 98.3% with a range of 97.3% to 99.3%. November placements were 88.8% versus expectations of 91.8% and a range of 84.4% to 98.3%. Marketings were 88.2% versus the average estimate of 88.5% and a range of 87.5% to 89.0%.
The report was friendly with placements hitting a 10-year low, as the main feature. Texas placements were only 83% of November a year ago, and Kansas only 80%. The border closure is likely to continue that trend. Low marketings in November indicate cattle are being fed longer than average. Live cattle and feeders closed sharply higher today ahead of the report, and that may take some of the bullishness out of Monday morning's opening. However, the strong close to finish the week bodes well for a continuation of the recent uptrend, especially since prices this week were unable to turn lower after reaching initial upside resistance.
The report was friendly with placements hitting a 10-year low, as the main feature. Texas placements were only 83% of November a year ago, and Kansas only 80%. The border closure is likely to continue that trend. Low marketings in November indicate cattle are being fed longer than average. Live cattle and feeders closed sharply higher today ahead of the report, and that may take some of the bullishness out of Monday morning's opening. However, the strong close to finish the week bodes well for a continuation of the recent uptrend, especially since prices this week were unable to turn lower after reaching initial upside resistance.
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.
