Farm Progress America, September 24, 2024

Mike Pearson takes a look at the September "Cattle on Feed" report released last week.

The USDA report shows feedlot inventory is at 11.2 million head. That's up one percent from 2023, but market analysts say the report is neutral when it comes to the cattle market.

The report did provide insight into what's happening in the cattle world as the country heads into the fall season.

The USDA also says placements into feedlots in August came in at 1.98 million head.

Traders continue to give all their attention to the small beef herd across the country.

Most placements came from heavier weight cattle.

The marketing of fat cattle was down from 2023, which totaled 1.82 million head.

These numbers signify a steady cattle market.

The cattle market rallied after Friday's report.

The December live cattle futures increased to $183.45 with industry traders remaining bullish.

The box beef markets are also holding steady.

In addition, the supply side is tightening which could mean higher prices in coming weeks.

Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, farm broadcaster and host of This Week in Agribusiness .