USDA estimated the number of cattle in large feedlots (1,000-plus head) as of July 1 at 11.304 million head, up 61,000 head (0.5%) from year-ago, though 23,000 head less than the average pre-report estimate implied. June placements declined 6.8%, while marketings dropped 8.7% – both falling more than anticipated – especially placements.
| Cattle on Feed Report | USDA (% of year-ago) | Average Estimate (% of year-ago) |
On Feed on July 1 | 100.5 | 101.1 |
Placements in June | 93.2 | 97.2 |
Marketings in June | 91.3 | 91.7 |
Placements declined in each of the weight categories aside from 9-weights, which were steady with year-ago. Placements dropped 6.4% for lightweights (under 600 lbs.), 7.3% for 6-weights, 7.9% for 7-weights, 5.4% for 8-weights and 10.8% for heavyweights (1,000-plus lbs.) Of the 115,000-head decline in total placements, 90,000 head was in Kansas, 10,000 head in Nebraska, 5,000 head in Texas and 25,000 head in “other states,” while Colorado placed 15,000 head more cattle into feedlots than June 2023.
As of July 1, the feedlot inventory consisted of 6.824 million head of steers (up 0.8% from last year) and 4.480 million head of heifers (up 0.1%).
The data is relatively neutral, though the placements number may attract some buying in deferred live cattle futures on Monday.