Cattle on Feed

Pre-report estimates for the USDA July Cattle on Feed report averaged an expected increase of 1.2 percent in total inventories as compared to last year. There was a wide range in estimates for June placements, ranging from 89.9 percent to 102 percent with an average of 97 percent.  Marketing expectations were more consistent among analysts with an average of 91.8, or down 8.2 percent year over year.

In The Cattle Markets (PDF)

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Livestock Monitor
Updated: 7/22/2024

CATTLE ON FEED

Cattle on feed as of July 1st was up marginally (+0.5% or 61,000 head) from a year ago to 11.3 million head. Analysts’ pre-report estimates were expecting a +1.2% increase in cattle on feed inventory levels with a range of estimates of up +0.1% to +2.0%. Cattle marketings in June were nearly 1.8 million head, down -8.7% (171,000 head) from last year. Pre-report estimates had an average estimate of down -8.2% with estimates ranging from down -5.5% to -10.0%. Although marketings posted a large decline, there were two fewer slaughter days during the month of June compared to the previous year.

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CORN AND SOYBEAN MARKET OUTLOOK

Following the USDA National Agricultural Statistics Service (NASS) release of crop planting estimates in late June, corn and soybean prices have trended lower. Both old-crop and new-crop corn futures contracts declined 16 cents from the end of June to July 18. Corn markets trended slightly higher during the first week of July but have since declined, highlighting the influence of favorable weather for crop development and rising optimism for record crop yields. Soybean futures market prices echo the picture in the corn market, even more so, as new-crop soybean prices were 57 cents lower than at the start of the month, as of July 18. Old-crop soybean prices were only down 36 cents over the same period.

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PASTURE AND RANGE TRENDS – JULY

USDA-NASS reported that 40% of pastures nationally were in good to excellent condition as of their July 15 Crop Progress report. A year ago, 47% of pastures were rated in good to excellent condition. At the other end of the scale, 29% of pastures were rated poor or very poor this year versus 25% a year ago. A month ago, 24% of pastures were rated poor or very poor and 48% of pastures were rated good or excellent. The Southeastern US has seen a sharp decline in pasture conditions during the last month with the percentage of pastures rated as good or better declining from 66% to 35%. A year ago, pastures in the Southeast went from a rating of 55% good to excellent to 63%.

Livestock Monitor pdf

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