USDA’s Cattle on Feed Report Friday afternoon is expected to show March 1 inventories up 1.1% from year-ago levels, which if realized would top last year’s record for the date by 132,000 head. Traders expect February placements to be up 6.1% as dry conditions across the Plains continued to push more animals off pastures and into feedlots, despite high feed prices. But given a smaller calf crop last year, it also implies heifers are being moved into feedlots instead of being held back for breeding. Marketings in February are expected to be up 4.2% from last year, which would also be around 2% higher than February 2020 levels, implying the processing pace has returned to pre-Covid levels.
Cattle on Feed | Avg. Trade Estimate (% of year-ago) | Range | Million head |
On Feed on March 1 | 101.1 | 100.8-101.5 | 12.132 |
Placements in February | 106.1 | 104-109.8 | 1.794 |
Marketings in February | 104.2 | 103.3-104.6 | 1.812 |