USDA Cattle on Feed Report      09/18  14:26

Sept. 1 Cattle on Feed Up 1% From Year Ago

By DTN Staff

                      USDA Actual   Average Estimate       Range

On Feed Sept. 1           101%          101.8%      101.4-102.3%
Placed in August           91%           97.3%        93.9-98.4%
Marketed in August         97%           96.2%        95.3-96.4%

* Estimates compiled by Dow Jones

This article was originally published at 2:06 p.m. CDT on Friday, Sept. 
18. It was last updated with additional information at 2:26 p.m. CDT on 
Friday, Sept. 18.

**

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 
11.2 million head on Sept. 1, 2026. The inventory was 1% above Sept. 1, 
2025, USDA NASS reported on Friday.

Placements in feedlots during August totaled 1.62 million head, 9% below 
2025, NASS reported. Net placements were 1.57 million head. Placements 
were the lowest for August since the series began in 1996. During August, 
placements of cattle and calves weighing less than 600 pounds were 320,000 
head, 600-699 pounds were 240,000 head, 700-799 pounds were 355,000 head, 
800-899 pounds were 387,000 head, 900-999 pounds were 230,000 head, and 
1,000 pounds and greater were 85,000 head.

Marketings of fed cattle during August totaled 1.52 million head, 3% below 
2025, NASS reported. Marketings were the lowest for August since the 
series began in 1996.

Other disappearance totaled 52,000 head during August, 2% above 2025, NASS 
reported.

DTN ANALYSIS 

Friday's Cattle on Feed report came out mostly as expected -- with on-feed 
totals higher than a year ago and both marketings and placements lower 
than a year ago, DTN Livestock Analyst ShayLe Stewart said following the 
report's release. 

"But the one standout item that was a bitter, bitter pill to swallow was 
the fact that the marketings -- only totaling 1.52 million head -- were 
the lowest for August since the report back in 1996, exactly 30 years 
ago," Stewart said.

"There will be some analysts who see the slight difference in the actual 
USDA data and the pre-report estimates and say that the report could be 
called bullish," Stewart said. "And, yes, the actual USDA data was lower 
in both the on-feed and placement categories -- but from an industry 
standpoint, I cannot say that this report is bullish whatsoever. Knowing 
that there are an ever-growing number of cattle on feed and that 
marketings are extremely light (the lightest for August on record), that's 
a problem brewing that people need to become aware of. 

"This report is likely to have little effect on the market on Monday, as 
it's likely that everyone's time and attention will be spent on seeing how 
the reopening of the port of entry in Santa Teresa, New Mexico, goes -- 
which is set to happen on Thursday, Sept. 24.
 
"From a long-term perspective, this report does challenge one to consider 
what the marketplace could look like in six months or a year if this trend 
(higher number of cattle on feed, mixed with lighter marketings) 
continues."

**

DTN subscribers can view the full USDA Cattle on Feed report in the 
Livestock Archives folder under the Markets menu. The report is also 
available at https://www.nass.usda.gov/.