USDA’s Sept. 1 Cattle on Feed report showed feedlots with 1,000-plus head capacity holding 11.2 million cattle and calves, up 1% from a year ago. August placements totaled 1.62 million head, down 9% from last year and the lowest for the month since USDA began tracking the series in 1996, while August marketings came in at 1.52 million head, also a record low for the month and 3% behind 2025.

DTN Livestock Analyst ShayLe Stewart noted that while the headline numbers landed close to trade expectations, the combination of a growing feedlot inventory and historically light cattle marketings is a trend cattle producers will want to watch over the next six to 12 months.

OK State University Extension livestock marketing specialist Derell Peel commented in Drovers, “It’s the second month in a row we’ve had very low placements. The reality of the numbers – the fact that we just don’t have the feeder supplies – is catching up with feedlots.”

Read more analysis on the Cattle on Feed report in DTN and the full report from the USDA here.