April’s USDA Cattle on Feed Report provided a breakdown of steers and heifers on feed with heifers falling to 37 percent of the total on-feed inventory. Typically, this is the initial signaling of herd rebuilding. ShayLe Stewart, a livestock market analyst with DTN, disagrees however and says that 37 percent is more of a neutral number, and does not indicate expansion or contraction of the herd.
There are many market factors that are weighing on the cattle industry and could erase any signs of the herd rebuilding, says Stewart.
Going forward, Stewart says that the numbers in future Cattle on Feed Reports could be deceiving when comparing the numbers to last year. The U.S. did reopen its border to Mexican cattle imports for a short time, but Stewart notes that it’s difficult to compare the numbers for 2025 to 2026.
That was ShayLe Stewart, a livestock market analyst with DTN.
