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Cattle on Feed Report     02/23  14:46

Feb. 1 Cattle on Feed Up Slightly From a Year Ago

By DTN Staff

                      USDA Actual   Average Estimate       Range

On Feed Feb. 1           100%           100.1%       99.4-101.1%
Placed in January         93%            87.3%        81.6-94.0%
Marketed in January      100%            99.8%       98.6-100.3%

This article was originally published at 2:07 p.m. CST on 
Friday, Feb. 23. It was last updated with additional information 
at 2:46 p.m. CST on Friday, Feb. 23.

**

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 11.8 million head on Feb. 1, 2024. The 
inventory was slightly above Feb. 1, 2023, USDA NASS reported on 
Friday.

Placements in feedlots during January totaled 1.79 million head, 
7% below 2023. Net placements were 1.71 million head. During 
January, placements of cattle and calves weighing less than 600 
pounds were 370,000 head, 600-699 pounds were 395,000 head, 700-
799 pounds were 475,000 head, 800-899 pounds were 377,000 head, 
900-999 pounds were 105,000 head, and 1,000 pounds and greater 
were 70,000 head.

Marketings of fed cattle during January totaled 1.84 million 
head, slightly below 2023.

Other disappearance totaled 81,000 head during January, 29% 
above 2023.

DTN ANALYSIS

"Friday's Cattle on Feed report came out exactly as analysts 
predicted with total on-feed numbers and marketings being at 
100% and placements coming in sharply lower than a year ago," 
said DTN Livestock Analyst ShayLe Stewart. 

"Analysts' estimates ranged anywhere from 81.6% of a year ago to 
94% at the higher end -- with an average estimate of 87.3%," 
Stewart said. "Today's data came in higher than that average at 
93% compared to a year ago -- or 1.79 million head. Everyone 
knew that January's placement data was going to be lighter than 
a year ago given how brutal the snowstorms were in January. But 
I, for one, believed that the placement data would have been 
lower than just 7%. 

"Snowstorms don't just affect feedlots for the duration of the 
snow, but rather for weeks on end as pen conditions take time to 
improve. And feedlot managers aren't likely to procure outside 
feeders when their pens are in utter disarray. There's a chance 
that the market could react negatively to Friday's data given 
that placements came in higher than what analysts predicted. 
Time will tell, but the fundamental outlook of the market 
remains strong regardless of how the report is viewed."

**

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/.


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