Cattle on Feed Report     06/18  14:35

June 1 Cattle on Feed Up 2% From Year Ago 

By DTN Staff

                      USDA Actual   Average Estimate*      Range

On Feed June 1           102%           102.3%      101.7-103.8%
Placed in May             90%            92.8%       89.0-104.0%
Marketed in May           88%            89.0%        88.2-91.5%

* Estimates compiled by Dow Jones.
This article was originally published at 2:06 p.m. CDT on 
Thursday, June 18. It was last updated with additional 
information at 2:35 p.m. CDT on Thursday, June 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 11.7 million head on June 1, 2026. The 
inventory was 2% above June 1, 2025, USDA NASS reported on 
Thursday.

Placements in feedlots during May totaled 1.70 million head, 10% 
below 2025. Net placements were 1.65 million head. During May, 
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 400,000 head, 800-899 pounds were 444,000 head, 900-
999 pounds were 225,000 head, and 1,000 pounds and greater were 
75,000 head.

Marketings of fed cattle during May totaled 1.55 million head, 
12% below 2025. Marketings were the second lowest for May since 
the series began in 1996.

Other disappearance totaled 55,000 head during May, 11% below 
2025.

DTN ANALYSIS

Thursday's June 1 USDA Cattle on Feed report was truly a mixed 
bag to sort through, DTN Livestock Analyst ShayLe Stewart said 
following the report's release. 

"If you simply looked at the placement data, you may be quick to 
call the report bullish -- but the long-term ramifications of 
the higher number of cattle on feed, mixed with lower 
marketings, takes the report from being bullish to neutral at 
best," Stewart said. 

"What's concerning about the increase in the total number of 
cattle on feed is that, as an industry, we sit a point in time 
when the U.S. beef cow herd is at a multidecade low, but yet, we 
are slowly stacking up supplies of fat cattle in feedlots across 
the country. Thankfully, feedlot managers are current right now 
and can enjoy the high prices the cash market is achieving. But 
the problem lies in what's going to happen when the pendulum 
swings and the U.S. cow herd begins to be rebuilt. At that 
point, there will be even more cattle to put into feedyards, and 
what do you think that's going to do to the cash market? An 
overabundance of supply is going to gravely affect the price of 
fed cattle. And let's not forget that at some point in the 
future, the U.S. border will reopen to Mexican feeder cattle, 
and that will also generate more supply to the marketplace and 
negatively affect not only the spot price of feeder cattle, but 
eventually the price of fed cattle as well. 

"The placement data came in lower, as most anticipated, as last 
month's Cattle on Feed report showed a sizeable increase from a 
year ago. Drought conditions have pressured a large portion of 
the cow-calf sector to market their calves early, and they were 
consequently placed in feedlots in April. Fast forward to the 
placements in May, and there weren't as many calves/feeders that 
needed placed, as the vast majority of the drought placing had 
already occurred.
 
"Thursday's Cattle on Feed report will likely be absorbed as a 
neutral report at best by the market on Monday."

**

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