According to the USDA Cattle on Feed report published Oct. 25, total U.S. inventory of cattle on feed for the slaughter market on Oct. 1 was 11.6 million head, a slight drop from the same report in 2023. Of that total, about 7 million were steers, a 1% climb from year-ago levels; the 4.6 million heifers on feed was down 1%. About 1.7 million fed cattle were marketed during the month of September, 2% higher than 2023.
September feedlot placements dropped 2% from 2023 to 2.16 million head. Placements in September by weight class were as follows:
- Less than 600 pounds: 430,000 head
- 600-699 pounds: 330,000 head
- 700-799 pounds: 465,000 head
- 800-899 pounds: 526,000 head
- 900-999 pounds: 305,000 head
- 1,000 pounds and heavier: 100,000 head
There appear to be plenty of fed cattle for meat packers to purchase. Typically, this type of situation leads to lower cash prices. However, should the pattern of lower placements compared to marketings continue, fewer cattle will remain on feed, which would theoretically keep cash prices high.
Meanwhile, the October Livestock Slaughter report from USDA showed U.S. beef production in September up 3% from the same month a year ago, to 2.2 billion pounds. That production came from 2.57 million head of cattle, down 1% from 2023, indicating heavier animals at time of slaughter. Indeed, the average live weight of slaughtered cattle in September was a record-high 1,406 pounds, 44 pounds heavier than September 2023.
About 47.8% of September slaughter volume came from heifers and cows, down from 51% in September 2023, suggesting cow-calf producers are retaining more females in their herds. Agriculture economic experts are keeping an eye on this number, as La Nina conditions are expected to worsen drought conditions in much of U.S. cattle country over the coming months, which would likely lead to an uptick in female cattle slaughter and continued contraction of the total U.S. cow herd going into 2025.
