USDA reports inventory rise, market adjustments
By Farms.com
The United States Department of Agriculture's (USDA) National Agricultural Statistics Service (NASS) released its latest cattle on feed report, indicating a modest increase in the cattle industry.
As of July 1, 2024, feedlots with a capacity of 1,000 or more head housed 11.3 million cattle and calves on feed for slaughter, reflecting a 1% rise from the previous year.
This increase is divided between steers and heifers. Steers and steer calves saw a 1% rise, reaching 6.82 million head and making up 60% of the total inventory. Heifers and heifer calves also experienced a slight increase, totaling 4.48 million head.
The report also highlights adjustments within the cattle industry. Placements in feedlots during June 2024 were 7% lower than June 2023, totaling 1.56 million head.
The marketing of fed cattle during June followed a similar trend, decreasing by 9% compared to the previous year and marking the second-lowest June marketing figure since record-keeping began.
These trends suggest ongoing adjustments within the cattle industry. While the overall inventory shows a small increase, placements and marketings indicate a cautious approach from producers.
The USDA data provides valuable insights for stakeholders in the cattle market, allowing them to make informed decisions.