| Cattle on Feed Report | USDA(% of year-ago) | Average Estimate (% of year-ago) |
| On Feed on June 1 | 102.0 | 102.3 |
| Placements in May | 90.0 | 92.8 |
| Marketings in May | 88.0 | 89.0 |
Cattle futures ended the short trading week on a lower note after forging strong early-week gains as traders assess the effects of New World screwworm (NWS). Meanwhile, cash trade remained very light, as it typically does ahead of USDA’s monthly Cattle on Feed Report. As it happens, this week holds a bit of an exception with an early Thursday release, as grain and livestock markets are closed Friday in observance of the Juneteenth holiday.
Ahead of USDA’s Cattle on Feed Report, many analysts expected placements to relax in May, after USDA pegged April placements well above year-ago figures last month, as weather throughout the Plains continued to disincentivize herd expansion, while a northward creeping New World screwworm kept the southern U.S. border closed off to imports from Mexico. Meanwhile, marketings were expected to decline from year-ago amid slower movement through feedyards and cattle being pushed to heavier weights. This inevitably keeps cattle on feed longer, which can inflate on-feed numbers even as marketings lag.
Cattle on Feed
As of June 1, USDA estimated Cattle and calves on feed for slaughter on feedlots with a capacity of 1,000 or more head totaled 11.7 million head, up 2% from year-ago and just below the average pre-report estimate. This marked the second straight month of an increase over year-ago.
Placements
Meanwhile, as expected, placements in May totaled 1.7 million head, down slightly from April and 10% from 2025. The figure also fell short of the average pre-report estimate. Net placements totaled 1.65 million head. During May, placements of cattle and calves weighing less than 600 pounds totaled 320,000 head, 600-699 pounds were 240,000 head, 700-799 pounds were 400,000 head, 800-899 pounds were 444,000 head and 900-000 pounds were 225,000 head and 1,000 pounds or greater were 75,000 head. Lighter-weight placements were notably soft, signaling continued tightness around feeder cattle supplies.
Analysis of placements state-by-state, Texas, Nebraska and Kansas all notched sharp declines from year-ago, with Texas and Nebraska each marking the largest drops, which continues to verify feeder cattle tightness amid border restrictions. Nebraska remains the top feeding state, though intake has slowed.
Marketings
Marketings during May totaled 1.55 million head, 12% below 2025 – that was second lowest for May since the series began in 1996. That trend is likely to continue as packing plant closures have been a persistent trend as end users continue to adapt to a smaller U.S. cattle herd. Also, as we mentioned earlier, heavier weights are an added factor in suppressed marketings despite an increase in on-feed numbers.
Other disappearance totaled 55,000 head during May, down 11% from 2025.
Market Reaction
The Monday morning reaction is likely to lean neutral-to-friendly, though any fresh developments around New World screwworm could play a role in price action. Lower May placements and aggressive marketings signal persistently tight fed cattle supplies through summer and fall 2026. The data reinforces the recent supply story and highlights regional differences driven by feeder availability, feed costs, and border related restrictions.