The April USDA Cattle on Feed report requires careful interpretation. The typical year-to-year comparisons are mostly meaningless because of the pandemic disruptions affecting markets one year ago.

The February Cattle on Feed report from the USDA showed a Feb. 1 feedlot inventory of 12.1 million head, 101.5% of one year ago. January placements were 2.017 million head, up 3.2% year over year.

The latest Cattle on Feed report was released Jan. 22. Included in this report were placements and marketings for December 2020 and the on-feed total for Jan. 1, 2021.

On Dec. 18, the USDA Cattle on Feed report was released. The trade expectations told a consistent story of lower placements and marketings from a year ago.

The USDA reported Sept. 1 feedlot inventories at 10.98 million head, down 1.3% from one year ago. This is the first year-over-year decrease in monthly cattle on feed totals in 33 months, since December 2016.