The latest USDA Cattle on Feed report reported another record number of cattle on feed for June 1 at 11.846 million head.

After languishing for weeks at about $114 per hundredweight (cwt), the fed cattle market has sprung to life. Fed cattle prices hit $123-$124 in more Northern regions and closed the week at $121 in the Southern Plains.

The USDA continues to catch up on reports stalled by the shutdown and, as part of catching up, released the January Cattle on Feed report on Friday, Feb. 22. The report has lost a little bit of its normal timeliness, but still contains a few interesting nuggets.

Spring sprung early this year as fed cattle prices have dropped sharply from their highs in early spring.