The recent Cattle on Feed report indicates today’s feedlot inventory is nearly the same as this time last year, coming in at 100.5% of the June 2023 report. However, daily marketings in June 2024 were slightly higher than the previous year after adjusting for the number of business days.

Feedlot placements are down compared to 2023, as is the total U.S. calf crop. However, the number of heifers on feedlots is higher than average. As of the beginning of July, they make up 39.6% of feedlot inventories (the average is 36.7%). This may indicate a period of herd liquidation.

Read more on feedlot inventories here.