The March Cattle on Feed (COF) inventory was reported at 11,577,000 head, down 261,000 from last year’s total of 11,838,000. This is the lowest March COF inventory since 2017, when it was 10,772,000 head, and it ranks as the 13th largest March inventory on record.

From 2013 through 2017, March inventories remained below 11 million head, marking a period of tighter supplies. That trend reversed as inventories surged to record highs in 2021 (12.045 million) and 2022 (12.243 million). This year’s figure of 11.577 million is above the long-term average of 11.24 million since 1996, but still reflects a notable decline from recent peaks—signaling continued herd contraction and tighter feeder supplies in the current cattle cycle.