| Recent History | |||||||
| On Feed | Placements | Marketings | On Feed | ||||
| Month | Million Head | % YoY | Million Head | % YoY | Million Head | % YoY | 90+ Days |
| 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% | 1.741 | 95.6% | 1.626 | 87.0% | 6.426 |
| Feb-26 | 11.510 | 98.2% | 1.611 | 103.7% | 1.522 | 93.2% | 6.786 |
| Mar-26 | 11.549 | 99.8% | - | - | - | - | 6.805 |
| Cattle on Feed Estimates | |||||
| Estimates | |||||
| As Of | Average | Low | High | Last Year | |
| On Feed | Mar | 100.7% | 101.5% | 100.0% | 97.8% |
| Placements | Feb | 99.7% | 103.7% | 95.0% | 82.2% |
| Marketings | Feb | 107.6% | 108.2% | 106.5% | 91.1% |
Highlights
The USDA Cattle on Feed Report as of March 1st showed On Feed at 99.8% of last year, versus the average trade estimate of 99.3%% with a range of 99% to 101.0%. Placements for the month of February were 103.7% versus trade expectations of 100.3% and a range of 95% to 103.0%. Marketings for February came in at 93.2% of last year, compared with the average estimate of 92.4%.
The report has a bearish lean with higher-than-expected placements and slightly higher on feed numbers. It has been rare recently to see placements come in well above expectations, which could put pressure on Monday's opening, though stock and energy prices are having a significant impact on cattle trade, which is likely to continue in the near term. Cash trade earlier today was steady with last week. Cattle are unlikely to break down sharply until fund longs begin to exit their large net long position, but today's report may at least result in a lower start 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.
