USDA on Friday said the number of cattle on feed as of September 1 rose 1% from a year ago, while placements decreased by 9%. Inventory figures came in slightly below analyst expectations, while placements surprised to the downside for the second consecutive month.
August marketings were down 3% from a year ago. Cattle markets bounced from the recent 10-month lows in early September, but faced pressure this week from lackluster boxed beef prices. What little cash trade was reported so far this week was down slightly from last week’s average. Trade ahead of the report today saw cattle futures mostly pause, as October live cattle ended $0.275 higher on the day at $215.925 and November feeder cattle lost $0.65 to close at $318.00.
A poll of analysts compiled by Reuters saw the average estimate for cattle on feed to rise 1.7% from last year, while placements were seen down 3.3% and marketings down 4.0% as the trend of holding on to cattle longer to offset lower inventory was expected to continue.
| Cattle on Feed Report | USDA % of Year Ago | Avg. Estimate % of Year Ago |
| Cattle on Feed (September 1) | 101 | 101.7 |
| Placements (August) | 91 | 96.7 |
| Marketings (August | 97 | 96.0 |
USDA said cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 11.163 million head on September 1, 2026.
Placements in feedlots during August totaled 1.617 million head and the lowest for the month of August since data collection began in 1996. The next lowest number of placements on record is 1.632 million head in August of 2015. Net placements were 1.57 million head. Breaking down by weight, USDA said placements were:
- Under 600 pounds, 320,000 head,
- 600-699 pounds, 240,000 head,
- 700-799 pounds, 355,000 head,
- 800-899 pounds, 387,000 head,
- 900-999 pounds, 230,000 head,
- 1,000 pounds and greater were 85,000 head.
Marketings of fed cattle during August totaled 1.519 million head, and were also a record low for the month of August. Other disappearances totaled 52,000 head, 2% above 2025, as high temperatures continued to plague the Plains in to late summer.
