| Recent History | |||||||
| On Feed | Placements | Marketings | On Feed | ||||
| Month | Million Head | % YoY | Million Head | % YoY | Million Head | % YoY | 90+ Days |
| Dec-24 | 11.982 | 99.7% | 1.642 | 96.7% | 1.742 | 101.0% | 5.930 |
| Jan-25 | 11.823 | 99.1% | 1.822 | 101.7% | 1.869 | 101.4% | 6.288 |
| Feb-25 | 11.716 | 99.3% | 1.554 | 82.2% | 1.633 | 91.1% | 6.630 |
| Mar-25 | 11.577 | 97.8% | 1.843 | 105.2% | 1.727 | 101.2% | 6.738 |
| Apr-25 | 11.638 | 98.4% | 1.613 | 97.4% | 1.825 | 97.5% | 6.594 |
| May-25 | 11.376 | 98.5% | 1.886 | 92.2% | 1.758 | 89.9% | 6.531 |
| Jun-25 | 11.442 | 98.8% | - | - | - | - | 6.267 |
| Cattle on Feed Estimates | |||||
| Estimates | |||||
| As Of | Average | Low | High | Last Year | |
| On Feed | Jun | 99.0% | 98.1% | 99.9% | 99.9% |
| Placements | May | 94.0% | 88.0% | 97.7% | 104.3% |
| Marketings | May | 90.4% | 89.3% | 95.0% | 100.2% |
Highlights
Cattle on Feed supply as of June 1st came in at 98.8% of last year's level versus an average trade estimate of 99.0%, with a range of 98.1% to 99.9%. Placements for May were 92.2% versus trade expectations of 94.0% and a range of 88.0% to 97.7%. Marketings for May came in at 89.9% of last year's level, compared with the average estimate of 90.4% and a range of 89.3% to 95.0%. Other disappearance totaled 62,000 head during May, unchanged from 2024.
The On Feed number was in line with expectations, but placements fell below estimates, partly due to one fewer business day in May this year compared to the same period last year. Nevertheless, the placement number is a bit friendly. Marketings were slightly below guesses but not enough to be a major issue. The report may give futures a higher start on Monday morning, but this week's technical action has been disappointing for the bulls. Both live cattle and feeders closed on the lows of the week and the risk of further Managed Money long liquidation and weakening technicals may offset any report bullishness. Rallies were selling opportunities this week, and that is likely to continue next 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.
