Cattle placements in US feedlots sink to lowest level for Nov since 1996

US cattle put in feedlots in November totaled 1.595 million head, down 11.2% from 1.796 million head in November 2024, and down 21.8% from the 2.040 million head during October 2025, the US Department of Agriculture said in its latest Cattle on Feed report.

"Placements were the lowest for November since the series began in 1996," the USDA said Dec. 19, and were below market expectations, according to S&P Global Energy analysts.

"Placement levels were expected to be below last year's placement levels due to continued retention efforts [from ranchers], combined with the prolonged closure of the US-Mexico border" amid the screwworms outbreak in Mexico, Caleb Hurst, commodity market analyst at S&P Global Energy, said.

The marketing of fed cattle, or outflows of cattle from feedlots, in November totaled 1.521 million head, down 11.8% from November 2024 and down 10.4% from the 1.698 million head marketed during October 2025, the USDA report showed.

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

"Cattle and calves on feed for the slaughter market in the US for feedlots with capacity of 1,000 or more head totaled 11.7 million head on December 1, 2025," the USDA added. "The inventory was 2 percent below Dec. 1, 2024."

Prices

Amid US tariff uncertainty and strong demand, the limited number of cattle on feed has supported US beef prices.

Platts, part of S&P Global Energy, assessed the price of 90CL beef CIF US at $7,804/mt, or $3.54/lb, for a 30- to 60-day shipment period Dec. 19, unchanged from the previous day but up $110/mt, or 1.4%, week over week.

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.

Rations are a mix of grains, mostly corn, silage, hay 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 supply of beef and US demand for corn, soybean meal and DDGS.