Livestock Marketing Information Center
In The Cattle Markets
Updated: 8/24/2026
Headlines & Signals – Let Markets Work
It is rare for a 10-day period to hand the cattle industry a historic supply report, multiple packing plant capacity announcements, and a headline trade policy action. Sorting the signals from the noise matters.
Livestock Monitor
Updated: 8/28/2026
AUGUST CATTLE ON FEED HIGHER
The USDA-National Agricultural Statistics Service (NASS) released the August Cattle on Feed report last week, and the number of cattle on feed remains above a year ago. As of August 1st, USDA-NASS reported 11.117 million head of cattle on feed, up 195,000 head (+1.8%) from last year. This was below pre-report expectations where analysts were expecting a slightly larger +2.5% average increase in cattle on feed with a range of up +2.3% to +2.9%. The larger cattle on feed continues to translate into cattle that are on feed for a longer period. Cattle that have been on feed over 150 days totaled just over 3.4 million head at the start of August, compared to about 2.8 million head last year. Cattle on feed over 180 days totaled about 1.9 million head, compared to 1.3 million a year ago.
DAIRY HERD EXPANSION EXPECTED TO PAUSE IN COMING MONTHS
The dairy cow herd breached the 9.7 million head mark in June, the first time this has happened since 1992. The milk cow number for June was 9.71 million head and remained unchanged in July, only the second month this year when there was not a month-to-month increase. Milk prices at the farmgate in the spring quarter averaged $21.07 per cwt, close to unchanged from a year ago.
COLD STORAGE
The July Cold Storage report from USDA-NASS reported a 14 million pound (+2%) year-over-year increase in total red meat stocks to 839 million pounds. The increase in red meat stocks in July was driven by higher pork in cold storage, which was up 35 million pounds (+9%) from last year to 343 million pounds. Compared to a year ago, increases were seen for bellies (+14%), hams (+23%), loins (+1%), and picnics (+12%), while declines were seen for spareribs (-2%) and butts (-10%). Beef in cold storage continues to track below year-ago levels with July down just over 15 million pounds (-4%) from last year to 383 million pounds. Year-over-year declines were seen for both boneless beef (-4%) and beef cuts (-2%). Lamb and mutton stocks remain below year-ago levels with July down nearly 6 million pounds (-26%) to almost 17 million pounds.
