USDA Cattle on Feed, Inventory Reports

By DTN Staff

This article was originally published at 2:08 p.m. CDT on Friday, July 25. It was last updated with additional information at 3:26 p.m. CDT on Friday, July 25.

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OMAHA (DTN) -- Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 11.1 million head on July 1, 2025. The inventory was 2% below July 1, 2024, USDA NASS reported on Friday. The inventory included 6.88 million steers and steer calves, up 1% from the previous year. This group accounted for 62% of the total inventory. Heifers and heifer calves accounted for 4.24 million head, down 5% from 2024.

Placements in feedlots during June totaled 1.44 million head, 8% below 2024. Net placements were 1.39 million head. During June, placements of cattle and calves weighing less than 600 pounds were 320,000 head, 600-699 pounds were 235,000 head, 700-799 pounds were 315,000 head, 800-899 pounds were 326,000 head, 900-999 pounds were 165,000 head, and 1,000 pounds and greater were 80,000 head.

Marketings of fed cattle during June totaled 1.71 million head, 4% below 2024. Marketings were the lowest for June since the series began in 1996.

Other disappearance totaled 53,000 head during June, 7% below 2024.

CATTLE INVENTORY

All cattle and calves in the United States on July 1, 2025, totaled 94.2 million head, 1% below the 95.4 million head on July 1, 2023, USDA NASS reported on Friday. (USDA did not release a Cattle inventory report for July 1, 2024.)

All cows and heifers that have calved totaled 38.1 million head, 1% below the 38.4 million head on July 1, 2023. Beef cows, at 28.7 million head, are down 1% from two years ago. Milk cows, at 9.45 million head, are up 1% from 2023.

All heifers 500 pounds and over on July 1, 2025, totaled 14.6 million head, 2% below the 14.9 million head on July 1, 2023. Beef replacement heifers, at 3.70 million head, are down 3% from two years earlier. Milk replacement heifers, at 3.50 million head, are unchanged from 2023. Other heifers, at 7.40 million head, are 3% below two years ago.

Steers 500 pounds and over on July 1, 2025, totaled 13.8 million head, down 1% from July 1, 2023.

Bulls 500 pounds and over on July 1, 2025, totaled 1.90 million head, unchanged from two years earlier.

Calves under 500 pounds on July 1, 2025, totaled 25.8 million head, down 2% from 2023.

Cattle and calves on feed for the slaughter market in the United States for all feedlots totaled 13.0 million head on July 1, 2025, down 1% from two years earlier. Cattle on feed in feedlots with capacity of 1,000 or more head accounted for 85.6% of the total cattle on feed on July 1, 2025, down slightly from two years ago. The total of calves under 500 pounds and other heifers and steers over 500 pounds (outside of feedlots), at 34.0 million head, is down 2% from the 34.7 million head on July 1, 2023.

Calf Crop Down 1%

The 2025 calf crop in the United States is expected to be 33.1 million head, down 1% from last year. Calves born during the first half of 2025 are estimated at 24.3 million head, down 1% from the first half of 2024. An additional 8.80 million calves are expected to be born during the second half of 2025.

DTN ANALYSIS

"There's simply only one way to view Friday's July 1 Cattle on Feed Report, and that's entirely bullish," said DTN Livestock Analyst ShayLe Stewart. "Now it's tough telling what the market will do with this data on Monday when traders have the first opportunity to react to the data, given that the contracts are already trading at an all-time high. But there's simply no other way to view Friday's Cattle on Feed report other than to acknowledge the story it's telling, and that's a story of extremely short supplies.

"The kicker of Friday's COF report was the sharp decline in placements that no analysts predicted. Pre-report estimates believed that placements would land somewhere in the ballpark of 96.0% to 99.1% of a year ago, but low and behold, Friday's data unveiled that placements came in sharply lower at 92% of a year ago -- totaling just 1,441,000 head.

"It was also interesting to note the percentage breakdown of steers and heifers in this report, which is offered quarterly. The total number of steer calves on feed totaled 6,884,000 head, and the total number of heifers calves on feed totaled 4,240,000 head. That means that steers represent roughly 62% of the total number of cattle on feed, and heifers represent 38% of the total number of cattle on feed. Historically, whenever the total number of heifers on feed is less than 37%, ranchers, to some degree or another, are making efforts to grow their herds. So, Friday's data clearly shows that by and large, producers are still electing to market their female heifer calves as opposed to keeping and making a run at rebuilding their herd numbers.

"This data was further confirmed by the Cattle inventory report (chart and numbers below), which concluded the same outcome. Last year, the midyear cattle inventory report wasn't released because of disruptions at USDA, but compared to the data of 2023, beef replacement heifers totaled 3.70 million head, which was down 3% compared to July 1, 2023. The total number of beef cows totaled 28.7 million head, which was down 1% compared to the data of 2023," Stewart said.

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DTN subscribers can view the full Cattle inventory and Cattle on Feed reports in the Livestock Archives folder under the Markets menu. The report is also available at https://www.nass.usda.gov/….

	USDA Actual	Average Estimate*	Range
On Feed July 1	98%	99.1%	98.8-99.4%
Placed in June	92%	98.0%	96.0-99.1%
Marketed in June	96%	96.2%	95.9-96.9%
* Estimates compiled by Dow Jones

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U.S. Cattle Inventory by Class and Calf Crop -- July 1, 2023 and 2025
Class	2023	2025	Percent of
	(1,000 head)	(1,000 head)	Previous year
Cattle and calves	95,400	94,200	99%
Cows and heifers
that have calved	38,400	38,100	99%
-- Beef cows	29,000	28,650	99%
-- Milk cows	9,400	9,450	101%
Heifers 500 pounds and over	14,900	14,600	98%
-- For beef cow replacement	3,800	3,700	97%
-- For milk cow replacement	3,500	3,500	100%
-- Other heifers	7,600	7,400	97%
Steers 500 pounds and over	14,000	13,800	99%
Bulls 500 pounds and over	1,900	1,900	100%
Calves under 500 pounds	26,200	25,800	98%
Cattle on feed	13,100	13,000	99%
Calf crop	33,563	33,100	99%

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