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USDA Cattle on Feed and Cattle Inventory Reports    07/25  14:55

July 1 Cattle on Feed Down 2% From Year Ago; Inventory Down 1%

By DTN Staff

July 1 Cattle on Feed

                      USDA Actual   Average Estimate*      Range

On Feed July 1            98%            99.1%        98.8-99.4%
Placed in June            92%            98.0%        96.0-99.1%
Marketed in June          96%            96.2%        95.9-96.9%

* Estimates compiled by Dow Jones

**

Cattle Inventory by Class and Calf Crop - U.S.: July 1, 2023 and 2025

Class                               2023         2025       % of previous
                                (1,000 head) (1,000 head)       year

Cattle and calves           95,400       94,200          99

Cows and heifers                    38,400       38,100          99
that have calved
-- Beef cows                        29,000       28,650          99
-- Milk cows                         9,400        9,450          101      

Heifers 500 pounds and over         14,900       14,600          98
-- For beef cow replacement          3,800        3,700          97
-- For milk cow replacement          3,500        3,500          100
-- Other heifers                     7,600        7,400          97

Steers 500 pounds and over          14,000       13,800          99
Bulls 500 pounds and over            1,900        1,900          100
Calves under 500 pounds             26,200       25,800          98

Cattle on feed                      13,100       13,000          99   
Calf crop                           33,563       33,100          99

This article was originally published at 2:25 p.m. CDT on Friday, July 25. 
It was last updated with additional information at 2:55 p.m. CDT on 
Friday, July 25.

**

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 
11.1 million head on July 1, 2025. The inventory was 2% below July 1, 
2024. The inventory included 6.88 million steers and steer calves, up 1% 
from the previous year. This group accounted for 62% of the total 
inventory. Heifers and heifer calves accounted for 4.24 million head, down 
5% from 2024, USDA NASS reported on Friday.

Placements in feedlots during June totaled 1.44 million head, 8% below 
2024. Net placements were 1.39 million head. During June, placements of 
cattle and calves weighing less than 600 pounds were 320,000 head, 600-699 
pounds were 235,000 head, 700-799 pounds were 315,000 head, 800-899 pounds 
were 326,000 head, 900-999 pounds were 165,000 head, and 1,000 pounds and 
greater were 80,000 head.

Marketings of fed cattle during June totaled 1.71 million head, 4% below 
2024. Marketings were the lowest for June since the series began in 1996. 
Other disappearance totaled 53,000 head during June, 7% below 2024.

CATTLE INVENTORY

All cattle and calves in the United States on July 1, 2025 totaled 94.2 
million head, 1% below the 95.4 million head on July 1, 2023, USDA NASS
reported on Friday. (USDA did not release a Cattle inventory report for
July 1, 2024.)

All cows and heifers that have calved totaled 38.1 million head, 1% below 
the 38.4 million head on July 1, 2023. Beef cows, at 28.7 million head, 
are down 1% from two years ago. Milk cows, at 9.45 million head, are up 1% 
from 2023.

All heifers 500 pounds and over on July 1, 2025 totaled 14.6 million head, 
2% below the 14.9 million head on July 1, 2023. Beef replacement heifers, 
at 3.70 million head, are down 3% from two years earlier. Milk replacement 
heifers, at 3.50 million head, are unchanged from 2023. Other heifers, at 
7.40 million head, are 3% below two years ago.

Steers 500 pounds and over on July 1, 2025 totaled 13.8 million head, down 
1% from July 1, 2023.

Bulls 500 pounds and over on July 1, 2025 totaled 1.90 million head, 
unchanged from two years earlier.

Calves under 500 pounds on July 1, 2025 totaled 25.8 million head, down 2% 
from 2023.

Cattle and calves on feed for the slaughter market in the United States 
for all feedlots totaled 13.0 million head on July 1, 2025, down 1% from 
two years earlier. Cattle on feed in feedlots with capacity of 1,000 or 
more head accounted for 85.6% of the total cattle on feed on July 1, 2025, 
down slightly from two years ago. The total of calves under 500 pounds and 
other heifers and steers over 500 pounds (outside of feedlots), at 34.0 
million head, is down 2% from the 34.7 million head on July 1, 2023. 

CALF CROP DOWN 1%

The 2025 calf crop in the United States is expected to be 33.1 million 
head, down 1% from last year. Calves born during the first half of 2025 
are estimated at 24.3 million head, down 1% from the first half of 2024. 
An additional 8.80 million calves are expected to be born during the 
second half of 2025.

DTN ANALYSIS

"There's simply only one way to view Friday's July 1 Cattle on Feed 
Report, and that's entirely bullish," said DTN Livestock Analyst ShayLe 
Stewart. "Now it's tough telling what the market will do with this data on 
Monday when traders have the first opportunity to react to the data, given 
that the contracts are already trading at an all-time high. But there's 
simply no other way to view Friday's Cattle on Feed report other than to 
acknowledge the story it's telling, and that's a story of extremely short 
supplies. 

"The kicker of Friday's COF report was the sharp decline in placements 
that no analysts predicted beforehand. Pre-report estimates believed that 
placements would land somewhere in the ballpark of 96.0% to 99.1% of a 
year ago, but low and behold, Friday's data unveiled that placements came 
in sharply lower at 92% of a year ago -- totaling just 1,441,000 head. 

"It was also interesting to note the percentage breakdown of steers and 
heifers in this report, which is offered quarterly. The total number of 
steer calves on feed totaled 6,884,000 head, and the total number of 
heifers calves on feed totaled 4,240,000 head. That means that steers 
represent roughly 62% of the total number of cattle on feed, and heifers 
represent 38% of the total number of cattle on feed. Historically, 
whenever the total number of heifers on feed is less than 37%, ranchers, 
to some degree or another, are making efforts to grow their herds. So, 
Friday's data clearly shows that by and large, producers are still 
electing to market their female heifer calves as opposed to keeping and 
making a run at rebuilding their herd numbers. 

"This data was further confirmed by the Cattle inventory report (chart and 
numbers below), which concluded the same outcome. Last year, the midyear 
cattle inventory report wasn't released because of disruptions at USDA, 
but compared to the data of 2023, beef replacement heifers totaled 3.70 
million head, which was down 3% compared to July 1, 2023. The total number 
of beef cows totaled 28.7 million head, which was down 1% compared to the 
data of 2023." 

**

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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