The latest Cattle on Feed report shows higher cattle inventories as of October 1, 2020. The Department of Agriculture released the monthly report Friday. USDA reported cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 11.7 million head. The inventory was four percent above October 1, 2019. This is the highest October 1 inventory since the series began in 1996. Placements in feedlots during September totaled 2.23 million head, six percent above 2019. In an analysis of the report, American Farm Bureau Federation economist Michael Nepveux says, “After strong impacts from the pandemic in April and May, the number of cattle on feed has largely followed seasonal patterns.” However, the impacts of the pandemic are still contributing to market uncertainty. Nepveux adds, “It will be interesting to see how the recession eventually impacts beef demand, as recessions tend to not be kind to this particular animal protein.”
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