Livestock Marketing Information Center
In The Cattle Markets
Updated: 10/6/2025
Tight Supplies and Strong Demand
Cattle and beef market prices slowed and, in some cases, reversed moves from those into record highs. The weighted average 5-market fed cattle price retreated into the $230s while prices in the southern plains held onto uncharacteristic strength – with southern cattle priced at a premium to those in the north. But it is that time of year when northern cattle are more abundant and tend to be rather long-fed.
Livestock Monitor
Updated: 9/26/2025
SEPTEMBER HOGS AND PIGS REPORT
All hogs and pigs were reported at 74.5 million head as of September 1, according to the USDA-National Agricultural Statistics Service (NASS). This decline of -1.3% (1.0 million head) from the prior year was in the opposite direction of the average pre-report expectation, which was anticipating a marginal increase of +0.4%. The breeding herd fell -1.8% (109 thousand head) from last year to 5.934 million head, the lowest since 2014 (5.920 million head). Pre-report estimates were expecting a -0.5% decline in the breeding herd from last year.
CATTLE ON FEED IN THE SOUTH FALLS BUT INCREASES IN THE NORTH
Cattle on Feed was released last Friday by USDA-NASS, documenting just under 11.1 million head on feed as of September 1, a -1.1% loss year over year. Contractions in on-feed inventories were the result of reductions in both placements on feed and marketings of fed cattle in August. Prior to the report, analysts had expected placements to be down -9% and marketings down -12.9%. The realization was instead placements down -9.9% to 1.78 million head and marketings down -13.6% to 1.57 million head. Total cattle on feed and placements were within pre-report ranges; however, marketings were over the maximum decline by 0.1%.
MILK COW HERD AT 9.52 MILLION HEAD IN AUGUST; HIGHEST SINCE 1993
USDA-NASS estimated that 10,000 dairy cows were added to the milk cow herd in August, an increase of 186,000 cows over the last twelve months. Upward revisions were made to milk production and its components for July (milk cows and milk per cow) resulting in milk production for July being up +4.2% from a year earlier. Milk production in August was up +3.2%. Milk cow productivity is also posting bigger gains compared to a year ago than during the first half of the year.
Livestock Monitor (pdf)