According to USDA’s Cattle on Feed (COF) report, there were 11.7 million cattle on feed in the United States on Nov. 1. This is down about 2% from 2024 and the lowest number of cattle on feed for the month of November since 2018. The report also estimates that 2.04 million head of cattle were placed into feedlots, down 227,000 head, or about 10%, from last year. This is the lowest number of cattle placed on feed for the month of October in report history. Marketings of fed cattle were 1.7 million head, about 8% below last year and the lowest for November in a decade. Lower cattle placed on feed and marketings of fed cattle are a reflection of tighter supplies of feeder cattle, a result of both the border closure and where we are in the cattle cycle. The most important number when considering efforts to rebuild the herd is the number of heifers on feed. According to the COF report, the number of steers on feed was up 1% from last year at 7.63 million while the number of heifers on feed was 4.36 million head, down 245,000 head, or 5%, from last year -- and the fewest heifers on feed in November since 2018.