Livestock Monitor – 6/19/2026

JUNE CATTLE ON FEED REPORT

The June Cattle on Feed report was released last week by the USDA-National Agricultural Statistics Service (NASS). Cattle on feed as of June 1st was reported at 11.7 million head, up 239,000 head (+2.1%) from last year. On average, analysts were expecting cattle on feed to increase +2.5% from last year with a range of up +1.7% to +3.8%. This marks the third consecutive month that cattle on feed have been above a year ago. Cattle on feed over 150 days was at 3.5 million head as of June 1st, which was an increase of more than 340,000 head (+11%) from last year. As a result, dressed weights continue to track above year-ago levels. Year-to-date through mid-June, weekly steer dressed weights have ranged from a low of 973 pounds to a high of 989 pounds with an average of 982 pounds. On average, this is an increase of about 34 pounds (+4%) compared to the same period last year.

USDA reported cattle marketings in May were down about 207,000 head (-12%) from last year to 1.55 million head. Analysts were expecting cattle marketings in May to decline -11.8% to -8.5% with an average of down -10.8% from last year. Cattle placements in May were reported down about 183,000 head
(-9.7%) from a year ago to 1.7 million head. The range of pre-report estimates was wide with some analysts expecting a decline of -11% from last year while other were expecting an increase of +4% for May placements with an average of down -6%. The decline in May placements coming in at the lower end of expectations highlights the tight cattle supplies.

May cattle placements by weight category were all below a year ago. Placements weighing less than 600 pounds in May were 320,000 head, which was down 15,000 head (-5%) from last year. May placement of calves weighing 600–700 pounds were down 35,000 head (-13%) last year to 240,000 head. Placement of calves weighing 700–800 pounds were reported at 400,000 head, which was down 50,000 head (-11%) from a year ago. Placement of calves in May that weighed over 800 pounds declined 83,000 head (-10%) from the prior year to 744,000 head.

RANGE AND PASTURE CONDITIONS

Over the last six weeks, range and pasture conditions rated as poor and very poor across the U.S. have been trending down from the mid-40% area to the mid-30% area. A year ago, during May and June, range and pasture conditions were below 35% rated as poor and very poor, indicating drier conditions compared to a year ago. In the Southeast region, range and pasture conditions started the year with more than 36% rated as poor and very poor condition. Conditions have improved with 26% of range and pasture rated as poor and very poor. At this time last year, less than 10% of range and pasture were rated as poor and very poor in the Southeast region.

Pasture conditions in the Southern Plains (TX and OK) have moved from 38% rated poor and very poor to 28%, which is similar to the five-year average. During May and June last year, weekly range and pasture ratings for the Southern Plains were averaging about 20% rated poor and very poor. Overall, range and pasture ratings in the Southern Plains are higher (worse) than a year ago but tracking closely with the five-year average.

In the West region, range and pasture conditions rated poor and very poor have been below 30% since the start of May, an improvement over last year, which was around 35% and similar to the five-year average. Seasonally, condition ratings for the West region deteriorate with condition ratings rising above 40% rated poor and very poor over time.

Range and pasture conditions in the Great Plains region are tracking between about 40% to 50% rated poor and very poor. Compared to a year ago, ratings through May and June were around 35% and trending below 30% rated poor and very poor. This signals that range and pasture conditions are drier this year than they were at this time last year.

SHEEP AND LAMB MARKET UPDATE

The sheep and lamb market has seen strong prices with the lamb cutout value, slaughter lamb, and feeder lamb prices rising since the start of the year and well above year-ago levels. The lamb cutout value has risen about $0.86 per cwt (+16%) since the start of the year to $628 per cwt last week. Compared to a year ago, last week’s price was up $170 per cwt (+37%) and prices have not been this high since October 2021 when they were over $635 per cwt. Slaughter lamb prices have also moved higher since the start of the year from about $220 per cwt to last week’s price of $288 per cwt, an increase of $68 per cwt (+31%). Last week’s slaughter lamb price was more than $116 per cwt (+68%) above the same week last year. In mid-May, the slaughter lamb price reached a record of $308 per cwt. Feeder lamb prices have moved seasonally lower from a record high of $445 per cwt in early February to last week’s price of $358 per cwt, a decline of $97 per cwt (-21%). Last week’s feeder lamb price was $108 per cwt (+43%) above the same week last year.

As sheep and lamb prices track well above year-ago levels, year-to-date weekly lamb production is down about 5 million pounds (-8%) from the same period last year. The decline in lamb production is driven mainly by lower weekly dressed weights, which are averaging about 60 pounds through early June compared to 64 pounds during the same period a year ago. Year-to-date through early June, the number of sheep and lambs being slaughtered is down about 23,000 head (-3%) from last year. Dressed weights are likely to continue tracking below year-ago levels, and sheep and lamb slaughter are expected to move seasonally lower through the third quarter. This is expected to keep lamb production below year-ago levels through the third quarter and support sheep and lamb prices.

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