Friday’s USDA Cattle-on-Feed Report is being called neutral to slightly bullish. The number of cattle and calves on feed was down two percent from a year ago. Marketings were down 13 percent from 2025 levels. Placements declined by five percent. The state-by-state figures were somewhat unusual. Placements in South Dakota were down 17 percent compared to a year ago. Iowa and Kansas placements also declined by double-digits. The total placements in Oklahoma were up 26 percent.
