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/.