USDA Cattle on Feed Report: May 24, 2024 Highlights
The United States Department of Agriculture (USDA) released its latest Cattle on Feed report on May 24, 2024, offering insights into trends in cattle feeding and marketing. Here’s a quick look at some key takeaways:
- Inventory down from last year: On May 1, 2024, there were 11.6 million head of cattle on feed in feedlots with a capacity of 1,000 or more head. This represents a 1% decrease compared to May 1, 2023.
- Fewer placements in April: Placements of cattle in feedlots during April 2024 totaled 1.66 million head, down 6% from April 2023.
Increased marketings: April 2024 saw marketings of fed cattle reach 1.87 million head, reflecting a 10% increase over April 2023.
US cattle marketings over the next seven months are expected to drop 2% on a year over year basis. Heavier sales weights could keep US beef production in the final 8 months of 2024 close to that of the same period in 2023. Feedlot operators are dealing with expensive feeder replacements by feeding to heavier weights as the principal costs of adding additional finish are corn and soybean meal, both of which have been trading on the low side of recent historical experience.