US Cattle Inventory Plummets
The US cattle herd likely declined to the smallest level in more than 50 years on July 1. We calculate US cattle numbers on July 1, 2024 at 93 million head, a 3% year over year decline and a 10 million head plunge in just 4 years. Cattlemen are taking steps to turn the cattle cycle around by reducing the number of cows and heifers marketed for slaughter.
However feedlot managers will be faced with tight feeder cattle supplies at least for the next several years. One step to cope with the feeder cattle shortage is to finish cattle to heavier weights per steer or heifer. This step also takes advantage of relatively cheap corn and soybean meal.
| US Cattle Balance (000 Head) January – June | ||||
| 2021 | 2022 | 2023 | 2024 | |
| January 1 Inventory | 93,790 | 92,077 | 88,841 | 87,157 |
| Calf Crop | 25,700 | 25,300 | 24,700 | 23,800 |
| Imports | 902 | 855 | 953 | 1,000 |
| Supply | 120,392 | 118,232 | 114,494 | 111,957 |
| Slaughter | 16,775 | 17,072 | 16,592 | 16,109 |
| Calf Slaughter | 183 | 180 | 152 | 125 |
| exports | 256 | 170 | 167 | 150 |
| Total | 17,214 | 17,422 | 16,911 | 16,384 |
| *Death Loss/Resiual | 2,378 | 2,510 | 2,183 | 2,500 |
| July 1 Inventory | 100,800 | 98,300 | 95,400 | 92,900 |
| US Cattle on Feed | 13400 | 13400 | 13,100 | 13,150 |
| Feeder Supply | 36,700 | 35,600 | 34,400 | 33,400 |
| 2024 LACO estimate * Death loss and stat. discrepancy | ||||