Livestock Marketing Information Center
In The Cattle Markets
Updated: 8/25/2025
August Cattle on Feed
The monthly cattle on feed report came out this past Friday. Total cattle on feed, on August 1, was estimated to be 10.92 million head. That puts cattle on feed 2% lower than July 1, 2025, and 2% lower than last year’s August 1 cattle on feed report. From a yearly perspective, August is usually the month that has the lowest amount of cattle on feed. Thus, the lower amount of cattle compared to last month was expected.
Livestock Monitor
Updated: 8/29/2025
HOG RETURNS HIGHEST IN FOUR YEARS
Iowa State University’s estimated returns for a farrow-to-finish hog operation posted a profit of $51.90 per head in July, an increase of $37.05 per head from last year and the highest monthly return in four years. July marks sixteen consecutive months of a profit; returns ranged from $2.67 to $51.90 per head with an average of $17.33 per head. Lower feed costs have been a driving factor into profitability with costs remaining below $90 per head since September 2024 ($88.54 per head). July’s total feed costs were $86.25 per head, down $6.67 per head (-7%) from the prior year. Lower feed costs were seen for corn (-4%), soybean meal (-25%), and dried distiller grain (-11%), which were reported at $40.14, $13.24, and $9.90 per head in July.
JULY CATTLE ON FEED FELL WITHIN PRE-REPORT RANGES
USDA-NASS released its August Cattle on Feed report August 22 for the month of July. Unlike last month’s report, which was released in July for June, the August release showed all values within pre-report expectations. Placements during July were down -6.1% to 1.598 million head. Analysts had anticipated average declines of -8.8%, with the most optimistic forecasts calling for a decline of -6%. Actual placements came in just -0.1% above that mark, keeping results within the forecast range. A similar story unfolded with marketings, which fell -5.7% to 1.749 million head, only -0.1% off from the lowest anticipated decline of -5.6%. Taken together, declines in both placements and marketings resulted in the total cattle on feed inventory falling -1.6% to 10.922 million head as of August 1.
DAIRY HERD EXPANSION REMAINS BRISK; MORE CHEESE, LOWER PRICES
The milk cow herd added another 10,000 cows in July and is up almost 160,000 head from a year ago. Every month this year has seen an addition to the herd. First quarter gains were expected following big positive economic returns from last summer, but the unabated gains of the spring have produced enough new milk to bring milk prices below year-earlier values. Measures of profitability are still positive as feed costs have declined, but comparisons to a year ago fall short.
Livestock Monitor (pdf)