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USDA Cattle on Feed and Cattle Inventory Reports 07/24 14:51
July 1 Cattle on Feed Up 2% From Year Ago; July 1 Cattle Inventory Up
Slightly
By DTN Staff
July 1 Cattle on Feed
USDA Actual Average Estimate* Range
On Feed July 1 102% 102.2% 101.1-102.5%
Placed in June 97% 98.0% 93.7-99.8%
Marketed in June 97% 97.0% 94.9-98.0%
* Estimates compiled by Dow Jones
**
Cattle Inventory by Class and Calf Crop - U.S.: July 1, 2025, and 2026
Class 2025 2026 % of previous
(1,000 head) (1,000 head) year
Cattle and calves 94,000 94,200 100
Cows and heifers 38,100 38,100 100
that have calved
-- Beef cows 28,650 28,450 99
-- Milk cows 9,450 9,650 102
Heifers 500 pounds and over 14,600 14,700 101
-- For beef cow replacement 3,700 3,800 103
-- For milk cow replacement 3,500 3,600 103
-- Other heifers 7,400 7,300 99
Steers 500 pounds and over 13,800 13,900 101
Bulls 500 pounds and over 1,900 1,900 100
Calves under 500 pounds 25,600 25,600 100
Cattle on feed 13,000 13,200 102
Calf crop 32,995.6 32,500 98
This article was originally published at 2:18 p.m. CDT on Friday, July 24.
It was last updated with additional information at 2:51 p.m. CDT on
Friday, July 24.
**
OMAHA (DTN) -- Cattle and calves on feed for the slaughter market in the
United States for feedlots with capacity of 1,000 or more head totaled
11.4 million head on July 1, 2026. The inventory was 2% above July 1,
2025, USDA NASS reported on Friday.
The inventory included 7.12 million steers and steer calves, up 3% from
the previous year. This group accounted for 63% of the total inventory.
Heifers and heifer calves accounted for 4.25 million head, up slightly
from 2025, USDA said.
Placements in feedlots during June totaled 1.40 million head, 3% below
2025. Net placements were 1.35 million head. During June, placements of
cattle and calves weighing less than 600 pounds were 325,000 head, 600-699
pounds were 225,000 head, 700-799 pounds were 300,000 head, 800-899 pounds
were 309,000 head, 900-999 pounds were 160,000 head, and 1,000 pounds and
greater were 80,000 head.
Marketings of fed cattle during June totaled 1.66 million head, 3% below
2025. Marketings were the lowest for June since the series began in 1996,
USDA said.
Other disappearance totaled 50,000 head during June, 6% below 2025.
DTN ANALYSIS OF CATTLE ON FEED REPORT
Friday's Cattle on Feed report will likely be viewed by and absorbed by
the market as a neutral report, DTN Livestock Analyst ShayLe Stewart said
following the report's release.
"From a 'logistical' point of view, someone could argue that the report
should be found as bearish, given that the U.S. beef cow herd sits at a
historic low. Yet, at the same time, we are slowly building up increased
inventory in the feedlot sector as cattle are being fed to greater weights
and as they're spending more time on feed.
"But traders seem to only look at one thing, and that's whether or not the
pre-report data varies from the actual data released. And given that the
pre-report estimates were nearly spot on, it's likely that Friday's COF
report will be glanced at and given little afterthought, and traders and
cattlemen alike will likely spend more time mulling over the Cattle
inventory report.
"The only specific line item that is worth noting from the report is that
all of the placement weight classes were lighter than compared to a year
ago, except those weighing under 600 pounds, which was up 5,000 head than
compared to the June 2025 data. This is likely a result of cow-calf
producers needing to sell and market their calves earlier than in years
past as a vast majority of cattlemen in the West continue to struggle with
drought conditions."
**
JULY 1 CATTLE INVENTORY UP SLIGHTLY
All cattle and calves in the United States on July 1, 2026, totaled 94.2
million head, slightly above the 94.0 million head on July 1, 2025, USDA
NASS reported on Friday.
All cows and heifers that have calved totaled 38.1 million head, unchanged
from the 38.1 million head on July 1, 2025. Beef cows, at 28.5 million
head, are down 1% from a year ago. Milk cows, at 9.65 million head, are up
2% from previous year.
All heifers 500 pounds and over on July 1, 2026, totaled 14.7 million
head, 1% above the 14.6 million head on July 1, 2025. Beef replacement
heifers, at 3.80 million head, are up 3% from a year ago. Milk replacement
heifers, at 3.60 million head, are up 3% from previous year. Other
heifers, at 7.30 million head, are 1% below a year earlier.
Steers 500 pounds and over on July 1, 2026, totaled 13.9 million head, up
1% from July 1, 2025.
Bulls 500 pounds and over on July 1, 2026, totaled 1.90 million head,
unchanged from previous year.
Calves under 500 pounds on July 1, 2026, totaled 25.6 million head,
unchanged from a year earlier.
Cattle and calves on feed for the slaughter market in the United States
for all feedlots totaled 13.2 million head on July 1, 2026, up 2% from
previous year. Cattle on feed in feedlots with capacity of 1,000 or more
head accounted for 86.1% of the total cattle on feed on July 1, 2026, up
1% from previous year. The total of calves under 500 pounds and other
heifers and steers over 500 pounds (outside of feedlots), at 33.6 million
head, is down 1% from the 33.8 million head on July 1, 2025.
CALF CROP DOWN 2%
The 2026 calf crop in the United States is expected to be 32.5 million
head, down 2% from last year. Calves born during the first half of 2026
are estimated at 23.9 million head, down 2% from the first half of 2025.
An additional 8.60 million calves are expected to be born during the
second half of 2026.
DTN ANALYSIS OF CATTLE INVENTORY REPORT
"Friday's Cattle inventory report will likely be absorbed as a mixed to
slightly bearish report, as the two big line items (the total number of
beef cows and the total number of beef replacement heifers) were revealed
to be in opposite directions," Stewart said.
"The total number of beef cows totaled 28.5 million head, which was down
1% from a year ago (a bullish finding). But the total number of beef
replacement heifers totaled 3.80 million head, which is up 3% from a year
ago (a bearish note to mark).
"When we step back and think about the data and how it fits into the grand
scheme of the market, both line items seem logical. It's likely that the
total number of beef cows hasn't increased, as many producers in the
western part of the U.S. continue to struggle with drought conditions or
are struggling to find a way to afford hay for this upcoming winter.
"But on the opposite side of the spectrum, there have also been those who
have been blessed with rollover feed and know that opportunity lies ahead
in the market for those with young stock. Whether that's to keep the young
females as replacements for their own operation or to have them to market
when the time is right -- it's fun to have an ace in the hole when the pot
is building.
"Therefore, it's likely that Friday's July 1 Cattle inventory report will
be absorbed as either a neutral or somewhat bearish report, simply given
the uptick in beef replacement heifers."
**
DTN subscribers can view the full USDA Cattle on Feed and Cattle inventory
reports in the Livestock Archives folder under the Markets menu. The
report is also available at https://www.nass.usda.gov/.
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