| Recent History | |||||||
| On Feed | Placements | Marketings | On Feed | ||||
| Month | Million Head | % YoY | Million Head | % YoY | Million Head | % YoY | 90+ Days |
| 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% | 1.887 | 92.2% | 1.758 | 89.9% | 6.531 |
| Jun-25 | 11.443 | 98.8% | 1.441 | 92.1% | 1.707 | 95.6% | 6.267 |
| Jul-25 | 11.124 | 98.4% | - | - | - | - | 6.348 |
| Cattle on Feed Estimates | |||||
| Estimates | |||||
| As Of | Average | Low | High | Last Year | |
| On Feed | Jul | 99.1% | 98.8% | 99.5% | 100.5% |
| Placements | Jun | 98.2% | 96.0% | 101.6% | 93.2% |
| Marketings | Jun | 96.2% | 95.9% | 96.9% | 91.3% |
Highlights
Cattle on Feed July 1st 98.4% of last year, average trade estimate of 99.1%, range of 98.8% to 99.5%. Placements 92.1%, trade expectations 98.2%, range of 96.0% to 101.6%. Marketings, 95.6% of last year, average estimate of 96.2%, range of 95.9% to 96.9%. July 1 cattle inventory 94.2 million head, record low for the date compared to expectations of 93.6 and 1% lower than the last July inventory report in 2023. Cold Storage-Frozen US beef stocks 395.678 million pounds versus 399.372 a year ago. Total red meat supplies 839.412 million pounds versus 898.744 a year ago.
Today's report can be considered bullish with a much lower placement number than expected, which can be partly attributed to better pasture conditions and the Mexican border closure. On feed numbers are also supportive, but this week's strong rally in the cattle market may have priced in some of this bullish report. Even so, we would expect a stronger start Monday morning. The semi-annual inventory report came in slightly higher-than-expected and is likely to take a backseat to the bullish cattle on feed report on Monday. Look for the bull trend in cattle to continue following this report.
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.
