Placements of cattle into United States feedlots fell 12 percent in September to 1.78 million head, the lowest for the month since the data series began in 1996 and the third consecutive monthly record low, USDA’s National Agricultural Statistics Service reported on Friday. Net placements were 1.73 million head. The print came in well below the trade average estimate of about 91.7 to 92.6 percent of a year ago, landing at 88 percent, and below even the low end of the range CME Econoday published.
Cattle and calves on feed for the slaughter market in feedlots of 1,000 head or more capacity were slightly below October 1, 2025, the first year on year decline since April, after inventories had run above year ago levels from May through September. Heifers and heifer calves on feed were down 1 percent from a year earlier while steer numbers were essentially unchanged, which CME’s summary read as little evidence that cattle supplies are rebuilding aggressively. Marketings of fed cattle during September totalled 1.52 million head, down 7 percent and also the lowest for September in the series, and other disappearance was 49,000 head, down 4 percent.
By weight, placements were 360,000 head under 600 pounds, 260,000 head at 600 to 699 pounds, 385,000 head at 700 to 799 pounds, 422,000 head at 800 to 899 pounds, 255,000 head at 900 to 999 pounds and 95,000 head at 1,000 pounds and over. “There is no doubt that it is a positive report,” CattleFax director of market research Patrick Linnell said. “Anytime you have placements down double digits, that is a friendly report.” December live cattle had closed unchanged on Thursday at 231.125 cents a pound ahead of the report, with cash markets already near three month highs, and the placement hole points to tighter fed supplies several months out, into the first part of 2027.