| Recent History | |||||||
| On Feed | Placements | Marketings | On Feed | ||||
| Month | Million Head | % YoY | Million Head | % YoY | Million Head | % YoY | 90+ Days |
| 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% | 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% | - | - | - | - | 6.416 |
| Cattle on Feed Estimates | |||||
| Estimates | |||||
| As Of | Average | Low | High | Last Year | |
| On Feed | Sep | 99.2% | 98.7% | 99.9% | 100.6% |
| Placements | Aug | 91.5% | 88.6% | 96.0% | 98.7% |
| Marketings | Aug | 87.0% | 86.3% | 87.6% | 96.5% |
Highlights
USDA Cattle on Feed supply as of September 1st came in at 98.9% of last year, versus the average trade estimate of 99.2% with a range of 98.7% to 99.9%. Placements for August were 90.1%, versus trade expectations of 91.5% and a range of 88.6% to 96.0%. Marketings for August came in at 86.4% of last year's level, compared with the average estimate of 87.0% and a range of 86.3% to 87.6%. Other disappearances totaled 51,000 head in August, 6% below 2024.
The report can be considered friendly, with slightly lower than expected on feed and placements. The placement number is the lowest since 2015. There was one less weekday for the reporting period than a year ago, which likely contributed to the lower placements. Texas feedlots continue to run tight with the border with Mexico still closed. Both feeders and live cattle ended this week near their weekly highs, and today's report is likely to give prices a boost on Monday's opening. Key resistance for December live cattle is 236.80 and 354.85 on November feeders. A move above those levels would bolster the technical outlook and attract new technical buyers.
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.
