US Cattle on Feed Inventory Down – 02/25/2023

The number of cattle in US feedlots declined 4% over the last year. January 2023 net feeder cattle placements were down 4% year over year while finished cattle marketings last month were 4% larger than in the same month a year earlier. Recent feedlot activity suggests finished cattle sales over the next six months will decline 5% year over year.

June 2023 live cattle futures are expected to make highs near $170/hundredweight this spring with a possible low for the same contract next $160.