The USDA’s December 1, 2025, Cattle on Feed report showed continued tightening in U.S. feedlot supplies. Cattle and calves on feed in feedlots with capacity of 1,000 head or more totaled 11.7 million head. This is down 2% from a year earlier.

November placements fell sharply to 1.60 million head, 11% below 2024. This marks the lowest November placements since records began in 1996. Net placements were 1.54 million head, with declines across all weight categories. This reflects fewer feeder cattle available.

Marketings of fed cattle during November totaled 1.52 million head. This is down 12% from last year and the second-lowest November total on record. Other disappearance was 53,000 head, 4% below 2024.

DTN Livestock Analyst ShayLe Stewart said the report met expectations and was bullish overall. Key factors behind low placements include a historically small cow herd, earlier calf marketing earlier in the year, high October prices discouraging placements and the continued closure of the Mexican border to feeder cattle imports.

Arizona, Kansas and Texas posted the steepest placement declines due to reduced imports. Despite low placements, longer days on feed have kept overall on-feed numbers near year-ago levels. However, the report is unlikely to significantly influence markets due to its timing ahead of Christmas.

Read more about the December 1 Cattle of Feed report here.