By DTN Staff

This article was originally published at 2:04 p.m. CDT on Friday, Oct. 23. It was last updated with additional information at 2:57 p.m. CDT on Friday, Oct. 23.

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OMAHA (DTN) -- Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 11.4 million head on Oct. 1, 2026. The inventory was slightly below Oct. 1, 2025, USDA NASS reported on Friday.

The inventory included 7.07 million steers and steer calves, up slightly from the previous year. This group accounted for 62% of the total inventory. Heifers and heifer calves accounted for 4.30 million head, down 1% from 2025.

Placements in feedlots during September totaled 1.78 million head, 12% below 2025. Net placements were 1.73 million head. Placements were the lowest for September since the series began in 1996. During September, placements of cattle and calves weighing less than 600 pounds were 360,000 head, 600-699 pounds were 260,000 head, 700-799 pounds were 385,000 head, 800-899 pounds were 422,000 head, 900-999 pounds were 255,000 head, and 1,000 pounds and greater were 95,000 head, NASS said.

Marketings of fed cattle during September totaled 1.52 million head, 7% below 2025. Marketings were the lowest for September since the series began in 1996, NASS said.

Other disappearance totaled 49,000 head during September, 4% below 2025.

DTN ANALYSIS

"Well, if today's Cattle on Feed report isn't bullish, I truly don't know what is," DTN Livestock Analyst ShayLe Stewart said following the report's release. "With all three of the categories being lighter than a year ago, there's no other way to deem the report other than to call it extremely bullish, and it's likely that on Monday morning when the market opens, prices will indeed be higher.

"The biggest item, though, again this month is the placement data. With the total number of calves/feeders being placed in September totaling 1.78 million head, that's down a whopping 12% from a year ago, and it's below the lowest estimate of the pre-report estimates. But given that feeder cattle prices were so strong early this spring/summer, a large majority of producers elected to capitalize on the market then, and others were forced to market their calves early due to drought circumstances.

"Today's sharply lower placement figure does align with what the market has seen play out in recent months and will likely be absorbed as a bullish report on Monday morning."

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DTN subscribers can view the full Cattle on Feed report in the Livestock Archives folder under the Markets menu. The report is also available at https://www.nass.usda.gov/….

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