US Cattle Feedlot inventory Increases
USDA reported July 1, 2024 cattle on feed numbers up 1% from a year earlier, but both June placements and finished cattle sales declined sharply compared to a year ago. Forty percent of July 1 feedlot inventory were heifers which is well above the 33% in 2015 when the cattle inventory cycle turned up in that year. A similar reduction in heifer marketings may be needed to turn the cattle inventory up in 2025.
Here is a look at USDA’s July projection for the US beef balance in 2024 and 2025. Note the sharp drop in US beef production anticipated for 2025.
| US Beef Supply/Usage (Million Pounds) | 2024/2023 | 2025/2024 | |||||
| Annual | 2021 | 2022 | 2023 | 2024 | 2025 | % Change | % Change |
| Beg Stock | 716 | 676 | 723 | 638 | 590 | ||
| Production | 28,007 | 28,358 | 27,032 | 26,722 | 25,784 | -1% | -4% |
| Imports | 3,375 | 3,391 | 3,727 | 4,146 | 3,768 | 11% | -9% |
| Exports | 3,447 | 3,536 | 3,038 | 2,908 | 2,707 | -4% | -7% |
| End Stocks | 676 | 723 | 638 | 590 | 522 | -8% | -12% |
| Per Cap | 58.9 | 59.1 | 58.1 | 58.2 | 55.4 | 0% | -5% |
| Finish Cattle $ | $122 | $144 | $176 | $187 | $191 | 7% | 2% |
| USDA July 2024 Data | |||||||