CLARA CHARTS:  Cattle on Feed Inventory by Year - February Trends

The February Cattle on Feed inventory from 1996 to 2024 has ranged from a low of 9.9 million head in 1996 to a high of 12.259 million head in 2022, with a 29-year average of 11.32 million head...

Rob Cook, RobCookKC@gmail.com

📊 Last 8 Years of February Cattle on Feed Inventory 🐂

1️⃣ 2024: 11,797,000 📉
2️⃣ 2023: 11,754,000 📉
3️⃣ 2022: 12,259,000 🔥📈 (Record High)
4️⃣ 2021: 12,151,000 📈
5️⃣ 2020: 11,938,000 🔹
6️⃣ 2019: 11,676,000 🔹
7️⃣ 2018: 11,630,000 🔹
8️⃣ 2017: 10,782,000 📉

📊 Cattle on Feed Inventory by Year – February Trends 🐂

The February Cattle on Feed inventory from 1996 to 2024 has ranged from a low of 9.9 million head in 1996 to a high of 12.259 million head in 2022, with a 29-year average of 11.32 million head. The 2024 inventory came in at 11.797 million head, slightly above 2023’s 11.754 million head, but still well below the 2022 peak of 12.259 million head. The decline from 2022 marks the second consecutive year of contraction, signaling a tightening cattle supply after several years of expansion.

Historically, February cattle on feed has only surpassed 12 million head three times—2022, 2021, and 2006, indicating key peak cycles in the industry. From 2014 to 2017, Cattle on Feed inventory remained below 11 million head, bottoming out at 10.678 million in 2014, before beginning its upward trend in 2018. Since then, numbers have consistently held above 11 million head, reflecting expanded feedlot capacity, strong placements, and steady beef demand. However, with drought, higher input costs, and reduced calf crops, the expansion phase peaked in 2022, and recent declines suggest the industry is transitioning into a tightening cycle.