Cattle Inventory 01/23/21

We estimate the US cattle inventory on January 1 at 94.8 million head which is up marginally from the past three years. Cattle numbers have been relatively stable over the past few years breaking, at least temporarily, from the inventory cycle that prevailed through most of the post WWII period.

USDA reported cattle on feed January 1 at 12 million head which was the same as a year earlier.

Spring live cattle futures are trading at a premium to the USDA’s spring cattle price forecast. But dressed beef has rallied this month and provided support to the live cattle contracts. 

The January Cattle inventory report is scheduled for release January 29.