| Cattle on Feed Report | USDA (% of year ago) | Estimate (% of year ago) |
| On feed on Dec. 1 | 98% | 98.4% |
| Placements in November | 89% | 92% |
| Marketings in November | 88% | 88.7% |
The Cattle on Feed Report on Friday showed cattle and calves on feed on large feedlots (greater than 1,000 head) totaled 11.727 million head on Dec. 1, down 2% from year-ago.
Placements in feedlots during November totaled 1.595 million head, down 11% from 2024. Net placements were 1.54 million head. Placements were the lowest for November since the series began in 1996, USDA said. During November, placements of cattle and calves weighing less than 600 pounds were 435,000 head, 600-699 pounds were 375,000 head, 700-799 pounds were 320,000 head, 800-899 pounds were 255,000 head, 900-999 pounds were 130,000 head, and 1,000 pounds and greater were 80,000 head.
Marketings of fed cattle in November totaled 1.52 million head, 12% below 2024. Marketings were the second lowest for November since the series began in 1996. Other disappearances totaled 53,000 head during November, 4% below 2024.
Total cattle on feed was slightly below the average analyst estimate of 98.4%, produced by a Reuters survey of analysts (see table at top of article). Placements at 89% of the year-ago level were a downside surprise relative to the average estimate of 92%. Marketings were in line with expectations for a figure of 88.7%.
The report comes after a strong finish to an winning week for cattle. February live cattle futures rose $2.40 to $230.80, hitting a seven-week high. For the week, February live cattle rose $1.25. January feeder cattle futures gained $5.325 to $345.60, also hitting a seven-week high and posting a weekly gain of $6.50.
Near-steady cash cattle prices in trade this week and improved boxed beef values were expected to keep selling interest in cattle futures limited in the near term.