US cattle feedlot placements fall to second-lowest March on record

US cattle put in feedlots in March totaled 1.709 million head, down 7.3% from 1.843 million head in March 2025, the US Department of Agriculture said in its latest Cattle on Feed report.

"[March] placements were the second lowest for March since the series began in 1996," the USDA said in the report, released April 17 after market close.

Although March placements rose 6.1% from 1.611 million head in February 2026, they fell 10.9% from the 2021-2025 average for March, according to S&P Global Energy data.

"I do expect placements for March to be down about 7% compared to year-ago levels, that's mainly due to some weather events in February 2025 that made it difficult to move cattle to the yard," Caleb Hurst, proteins and cattle analyst at S&P Global Energy CERA, said before the release of the report. "All of those cattle transitioned to March placements last year, so we are actually sitting close to two-year levels in terms of placements for March -- so about down 7.2% compared to last year."

Marketing, cattle on feed

Marketing of fed cattle, or outflows of cattle from feedlots, during March totaled 1.632 million head, down 5.5% from March 2025, the USDA said.

"Marketings were the second lowest for March since the series began in 1996," the USDA said.

Although March marketing dropped compared to the previous year, it rose 7.2% from 1.522 million head in Feb 2026, according to S&P Global Energy data.

In addition, the US marketed fewer cattle than were placed in feedlots for the third consecutive month and for seven of the last eight monthly reports.

The number of US cattle on feed totaled 11.576 million head April 1, up 0.2% from 11.549 million head March 1 but down 0.5% from 11.638 million head on April 1, 2025, the USDA said.

Lean beef trimmings, prices

Despite lower cattle on feed numbers, lean beef trimmings have been following non-fed slaughter levels, which are just slightly below year-ago levels.

Platts, part of S&P Global Energy, last assessed the price of 90CL beef CIF East Coast US at $8,135/metric ton, or $3.69/pound, for a 30-to-60 day shipment period, on April 17, unchanged from the previous day, but down 2.9% week over week, and from March 20, the date of the previous Cattle on feed Report.

Pressure came from better conditions in New Zealand and Australia, with more cattle available and all packing plants processing the full business week, and expectations Chins will stop buying in four to six weeks.

The 90CL beef FCA East Coast for 16- to 60-day delivery period was unchanged during the week at $3.50/lb as the last values from South America were at those levels. Support came from the lower import pace and the strong demand for the grilling season.

Placements are steers and heifers put into a feedlot, fed a ration to produce a carcass that will grade select or better and are intended for the slaughter market, according to the USDA.

Cattle on feed are steers and heifers being fed a ration of grain, mostly corn, silage, hay and/or a protein supplement such as dried distillers grains with solubles or soybean meal, ahead of slaughter. It excludes cattle held back for later sale to feedlots, and only feedlots with a capacity of 1,000 animals or more are considered.

The cattle-on-feed and placements data are indicators of the US beef supply and the US demand for corn, soybean meal, and DDGS.