| Recent History | |||||||
| On Feed | Placements | Marketings | On Feed | ||||
| Month | Million Head | % YoY | Million Head | % YoY | Million Head | % YoY | 90+ Days |
| 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% | 1.711 | 92.8% | 1.634 | 94.6% | 6.805 |
| Apr-26 | 11.576 | 99.5% | 1.702 | 105.5% | 1.642 | 90.0% | 6.668 |
| May-26 | 11.584 | 101.8% | 1.704 | 90.3% | 1.551 | 88.2% | 6.712 |
| Jun-26 | 11.682 | 102.1% | - | - | - | - | 6.722 |
| Cattle on Feed Estimates | |||||
| Estimates | |||||
| As Of | Average | Low | High | Last Year | |
| On Feed | Jun | 102.5% | 101.7% | 103.8% | 98.8% |
| Placements | May | 94.0% | 89.0% | 104.0% | 92.2% |
| Marketings | May | 89.2% | 88.2% | 91.5% | 89.9% |
Highlights
USDA showed Cattle on Feed supply as of June 1st came in at 102.1% of last year, versus the average trade estimate of 102.5% with a range of 101.7% to 103.8%. Placements for the month of May were at 90.3% versus trade expectations of 94.0% and a range of 89.0% to 104.0%. Marketings for May came in at 88.2% of last year, as compared with the average estimate of 89.2% and a range of 88.2% to 91.5%.
The USDA showed a slight bullish lean in the On Feed number, but the much lower-than-expected placements, at the low end of the expected range, further confirm the bullish bias in this report. Both live cattle and feeders pulled back heading into the holiday weekend today, but opening calls for Monday's opening will be strong, especially for feeder cattle. A strong rally this week has reinforced the technical uptrend, and we would expect August live cattle to test the contract highs from mid-May at 251.65 on Monday. Easing recession concerns, tight cattle supplies, and good retail beef demand continue to be the dominant bullish themes across the cattle complex, and nothing in this report changes that.
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.
