USDA released the October “Cattle on Feed” report on Friday. Feedlot inventory totaled 11.6 million head on October 1, 2023, a 1% rise from October 1, 2022. USDA said this is the second highest October 1 inventory since the series began in 1996. The trade had expected the inventory to be unchanged from last year’s levels.

The inventory included 6.95 million steers and steer calves, up slightly from the previous year. The group accounted for 60% of the total inventory. Heifers and heifer calves accounted for 4.64 million head, up 1% from 2022.

Placements in feedlots during September totaled 2.21 million head, 6% above 2022. The trade had only expected a 1% rise in the number.

Source: USDA NASS

Net placements were 2.15 million head. During September, placements of cattle and calves weighing less than 600 pounds were 460,000 head, 600-699 pounds were 355,000 head, 700-799 pounds were 485,000 head, 800-899 pounds were 521,000 head, 900-999 pounds were 290,000 head, and 1,000 pounds and greater were 95,000 head.

Marketings of fed cattle during September totaled 1.66 million head, 11% below 2022. The trade had expected an 8% decline.