| Recent History | |||||||
| On Feed | Placements | Marketings | On Feed | ||||
| Month | Million Head | % YoY | Million Head | % YoY | Million Head | % YoY | 90+ Days |
| 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% | 1.594 | 88.8% | 1.520 | 88.1% | 6.021 |
| Dec-25 | 11.727 | 97.9% | 1.555 | 94.7% | 1.774 | 101.8% | 6.230 |
| Jan-26 | 11.450 | 96.8% | 1.736 | 95.3% | 1.626 | 87.0% | 6.426 |
| Feb-26 | 11.505 | 98.2% | - | - | - | - | 6.786 |
| Cattle on Feed Estimates | |||||
| Estimates | |||||
| As Of | Average | Low | High | Last Year | |
| On Feed | Feb | 98.4% | 97.8% | 98.8% | 99.3% |
| Placements | Jan | 96.0% | 92.7% | 99.5% | 101.7% |
| Marketings | Jan | 87.0% | 86.6% | 88.0% | 101.4% |
Highlights
The USDA Cattle on Feed Report showed supplies as of February 1st at 98.2% of last year, versus the average trade estimate of 98.4%, with a range of 97.8% to 98.8%. Placements for the month of January were at 95.3% versus trade expectations of 96.0% and a range of 92.7% to 99.5%. Marketings for January came in at 87.0% of last year, as compared with the average estimate of 87.0% and a range of 86.6% to 88.0%.
The report can be considered neutral to slightly friendly with the on feed and marketing numbers coming in mostly as expected, but placements on the light side. On feed numbers were the lowest since 2017, and placement was the lowest since 2007. This report once again highlights the tight cattle supplies, and barring any bearish headline news over the weekend, the market may resume its rally early next week. This week's technical action was slightly disappointing with limited follow-through to the upside, but the overall technical trend remains positive, and this report is unlikely to lead to any aggressive fund long liquidation.
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.
