Cattle on Feed & The February-December Live Cattle Spread
USDA reported the number of cattle in large feedlots August 1 was nearly identical to the same population a year ago. Feedlot operators are holding cattle to heavier weights this year compared to recent historical data. Cheap feed costs and scarce feeder cattle supplies favor putting more weight on cattle already in inventory.
Surplus supplies of finished cattle have pressured finished cattle prices this summer. This century February cattle have traded $3 to $5 premium to the December live cattle futures at some point in the autumn. On August 23 February cattle closed a little more than $1.5 per hundredweight premium to the December live cattle contract
| US Cattle on Feed, July, Thousand Head | |||||
| 2021 | 2022 | 2023 | 2024 | % Change | |
| On feed July 1 | 11,295 | 11,405 | 11,243 | 11,304 | |
| Placed on feed ,July | 1,733 | 1,764 | 1,608 | 1,702 | 6% |
| Fed cattle marketed during July | 1,899 | 1,824 | 1,722 | 1,855 | 8% |
| Other disappearance July | 55 | 56 | 65 | 56 | |
| On feed August 1 | 11,074 | 11,289 | 11,064 | 11,095 | 0% |
| USDA Data | |||||
| February – December Live Cattle | |||
| Year | Max | Min | |
| 2000 | $2.4 | *********** | $0.1 |
| 2001 | $4.0 | *********** | $1.3 |
| 2002 | $4.8 | *********** | $0.7 |
| 2003 | -$0.8 | *********** | -$6.1 |
| 2004 | $3.4 | *********** | -$0.8 |
| 2005 | $3.4 | *********** | $1.0 |
| 2006 | $3.8 | *********** | -$1.0 |
| 2007 | $3.3 | *********** | $0.0 |
| 2008 | $1.8 | *********** | -$0.9 |
| 2009 | $3.1 | *********** | $0.0 |
| 2010 | $4.3 | *********** | $0.2 |
| 2011 | $4.0 | *********** | $0.2 |
| 2012 | $5.7 | *********** | $2.3 |
| 2013 | $2.2 | *********** | $0.3 |
| 2014 | $1.9 | *********** | -$1.8 |
| 2015 | $5.5 | *********** | -$0.3 |
| 2016 | $2.8 | *********** | -$0.2 |
| 2017 | $6.4 | *********** | $2.1 |
| 2018 | $5.6 | *********** | $2.8 |
| 2019 | $7.2 | *********** | $4.5 |
| 2020 | $4.7 | *********** | $1.6 |
| 2021 | $5.4 | *********** | $1.0 |
| 2022 | $4.8 | *********** | $0.80 |
| 2023 | $4.8 | *********** | -$0.35 |
| 8/23/2024 | $1.50 | ||
September / December