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U.S. Cattle on Feed Update – Mar ’20

  • March 23, 2020
  • by Belinda Przybylski
Executive Summary U.S. cattle on feed figures provided by the USDA were recently updated with values spanning through the end of Feb ’20. Highlights from the updated report include:
  • U.S. cattle and calves on feed for the slaughter market as of Mar 1st increased on a YOY basis for the fifth consecutive month, finishing up 0.2% and reaching a 12 year high seasonal level.
  • Placements in feedlots declined 11.1% YOY during Feb ’20, finishing lower on a YOY basis for the second consecutive month and reaching a four year low seasonal level.
  • Marketings of fed cattle increased 1.8% on a YOY basis during Feb ’20, finishing higher on a YOY basis for the third consecutive month.
Additional Report Details According to the USDA, cattle and calves on feed for the slaughter market in the U.S. for feedlots with capacity of a thousand head or more increased on a YOY basis for the fifth consecutive month as of Mar 1st, finishing up 0.2% and reaching a 12 year high seasonal level. The Mar 1st YOY increase in the cattle on feed supply was consistent with analyst expectations of a 0.1% increase. Placements in feedlots declined on a YOY basis for the second consecutive month, finishing down 11.1% and reaching a four year low seasonal level. The YOY decline in placements was consistent with average analyst expectations of a 10.8% decline. YOY declines in placements were widespread across weight groups and led by those weighing 700-799 pound (-14.4%), followed by placements weighing 800 pounds or more (-12.0%), placements weighing 600-699 pounds (-11.8%) and placements weighing 600 pounds or less increased (-3.4%). Total placements in feedlots declined 1.6% on a YOY basis throughout the ’18-’19 production season, however annual placement rates remained 2.8% above three year average figures. ’19-’20 YTD marketings have rebounded 1.4% on a YOY basis throughout the first five months of the production season, despite the recently experienced declines. Cattle placements weighing under 700 pounds decline 7.7% on a YOY basis during Feb ’20, finishing lower for the first time in the past four months. Cattle placements weighing under 700 pounds finished 3.9% lower on a YOY basis throughout the ’18-’19 production season, however ’19-’20 YTD placements weighing under 700 pounds have rebounded by 0.6% on a YOY basis throughout the first five months of the production season, despite the most recent decline. Cattle placements weighing 700 pounds or more declined 13.1% on a YOY basis during Feb ’20, finishing lower for the second consecutive month. Cattle placements weighing 700 pounds or more increased 0.1% on a YOY basis throughout the ’18-’19 production season while ’19-’20 YTD placements weighing 700 pounds or more have increased an additional 2.2% on a YOY basis throughout the first five months of the production season, despite the recently experienced declines. Marketings of fed cattle increased 1.8% on a YOY basis during Feb ’20, finishing higher for the third consecutive month. The YOY increase in marketings was fairly consistent with average analyst expectations of a 2.1% increase. ’18-’19 annual marketings of fed cattle increased 1.3% YOY, reaching an 11 year high, while ’19-’20 YTD marketings have increased an additional 0.8% on a YOY basis throughout the first five months of the production season.
U.S. Cattle & Hogs Production Update – Mar ’20
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