USDA’s monthly Cattle on Feed report will be released tomorrow, along with the biannual July Cattle Inventory report for the first time in two years after it was suspended in 2024. For the Cattle on Feed report, analysts’ pre-report consensus estimates are for the total inventory on feed to be 99.1 percent of last year with the range of estimates between 99 and 100 percent of 1 July 2024.  

The Cattle Inventory report will show inventory on all feedlots. The percent of cattle on feedlots of 1,000 head or more capacity is about 85 percent of the total, but in recent years tighter cattle supply has reduced farmer-feeder placements and inventory, suggesting that this year’s results, though lower in overall numbers,...