Cattle On Feed Up Year-Over-Year

“We have more animals coming into the feedlots, fewer of them leaving," said USDA livestock economist Michael McConnell.  "And so that is how we end up with the higher inventory on May 1 versus a year ago.”

McConnell recently recapped the May USDA Cattle On Feed report, which shows total inventory was up 2% from May 2025.  However, he pointed that that uptick was fueled, in part, by April’s 6% year-over-year jump.  Despite the increase, marketings of fed cattle decreased 10% from May last year.

“That continues the pattern that we've seen through much of the year, where we've seen slower rate of marketings out of feedlots as well as slower steering heifer slaughter," McConnell noted.  "Much of that is likely due to the fact that although beef prices have been increasing and seasonally have been higher than a year ago, the price for fed cattle right now has also been increasing, but at a higher rate. Margins for packers are not as strong now.”

McConnell said much of that is due to extreme dry conditions in the Great Plains region.

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