USDA Reports: Cattle on Feed Up 2%, but Beef Cow Herd Continues to Shrink

USDA Photo by Lance Cheung.

Released on July 24, the latest USDA Cattle on Feed report showed 11.4 million head on feed as of July 1, up 2% from a year ago. June placements and marketings were both down 3% year-over-year, the lowest June marketings (1.66 million head) since the report series began in 1996. DTN Livestock Analyst ShayLe Stewart called the report largely neutral, noting that while the beef cow herd remains at a historic low, cattle are being fed to heavier weights and spending more time on feed, offsetting some of the tightness.

The USDA’s broader July Cattle Inventory report told a similarly mixed story, with total cattle and calves at 94.2 million head, a modest 0.21% over last year. Beef cows fell 1% to 28.5 million head and milk cows rose 2% to 9.65 million head. At the same time, beef replacement heifers rose 3% to 3.8 million head, and milk replacement heifers rose to 3.6 million, up 3% from last year. The 2026 calf crop is projected at 32.5 million head, down 2% from last year. Stewart described the inventory report as neutral to slightly bearish overall, given the offsetting signals between shrinking cow numbers and rising replacement heifer counts.