Feedlot Inventory Holds Steady at 11.3 Million

USDA data show July 1 feedlot levels matched last year as placements and marketings slowed.

Updated on Nov. 3, 2026 in Agriculture

Isometric editorial illustration of a long bare steel feed trough across a flat plain in muted oxblood, teal, and mustard, evoking a steady but tightening cattle supply. — The USDA reported 11.3 million cattle in U.S. feedlots on July 1, holding steady from last year as placements and marketings slowed. AI Illustration. Upload story photo >

The USDA reported a July 1 feedlot inventory of 11.304 million head, 100.5 percent of last year's level. June placements fell to 91.2 percent of last year, while June marketings were 91.3 percent of one year earlier.

Why it matters

Feedlots have been placing fewer cattle as feeder supplies have dwindled in recent years, and the U.S. calf crop has declined for five straight years. The figures point to a tighter cattle supply chain for producers and feeders across the country.

Steers on feed were 100.8 percent of one year earlier, while heifers made up 39.6 percent of total feedlot inventories as of July 1. June marketings ran 91.3 percent of one year earlier, and June 2024 had two fewer business days than June 2023.

The players

USDA

The U.S. Department of Agriculture publishes the cattle inventory and feedlot reports that track national livestock supply.

The details

Heifers made up 39.6 percent of total feedlot inventories as of July 1, near the upper end of their historical range. The 2024 calf crop is estimated to be 1.5 percent smaller than in 2023, continuing a decline that began after the total U.S. calf crop peaked in 2018.

2016: June placements last fell to a comparable low.
April 2015: Heifer share of feedlot inventory hit a cyclical low of 31 percent.
2018: The total U.S. calf crop peaked.
January 2024: Heifer share of feedlot inventory reached a high of 40.0 percent.
July 1, 2024: Feedlot inventory of 11.304 million head was recorded.

Market Landscape

The total U.S. calf crop peaked in 2018 and has declined each of the past five years, with the 2024 crop estimated 1.5 percent smaller than 2023. This 8.9 percent, or 3.2 million head, contraction since 2018 frames the current feedlot figures as part of a sustained supply squeeze.

Tighter feeder supplies can translate into fewer cattle moving through feedlots and potentially firmer beef supply in the months ahead. Shoppers and households may feel these shifts through beef pricing over time.

The takeaway

Monitoring monthly USDA feedlot reports can help producers, buyers and households anticipate shifts in cattle supply and beef prices. Tracking heifer shares and calf crop estimates offers early signals of where the herd is headed.