Updates from the March 2024 Cattle on Feed Report

– James Mitchell, Livestock Marketing Specialist, University of Arkansas

The USDA’s National Agricultural Statistics Service released a report on March 22, 2024, detailing the status of U.S. cattle on feed inventories. As of March 1, 2024, the total inventory of cattle and calves on feed in feedlots with a capacity of 1,000 plus head stood at 11.8 million, marking a 1 percent increase compared to the figures from March 1, 2023. On-feed inventories remain above 2023 totals for the third consecutive month of 2024. By no means is this an indication of herd expansion at this point. It highlights the differences between short- and long-run cattle inventory dynamics.

Feedlot placements in February 2024 increased 10 percent year over year and 6 percent compared to January, totaling 1.89 million head. This marks the highest February placement since 1996. The most significant year-over-year feedlot placement increase was in Oklahoma, where placements totaled 38 thousand or 46 percent higher compared to February 2023. Note Oklahoma only represents 2 percent of total February placements. In Nebraska, Kansas, and Colorado, feedlot placements increased 16 percent, 7 percent, and 15 percent, respectively. Cattle placements declined 1 percent year over year in Texas.

February marketings of fed cattle (fed slaughter) also saw an increase, totaling 1.79 million head or 3 percent higher year over year. Daily average marketings, reflecting differences in the total number of slaughter days across months, were 85.4 thousand head or 1.5 percent lower year over year. Regional differences in fed cattle marketings were more variable compared to placement data. February fed cattle marketings ranged from 7 percent lower in Colorado to 23 percent higher in Oklahoma.