Equity Livestock Altoona Market Report (2024)

FAQs

What are cattle prices expected to do in 2024? ›

The 5-Area steer price for 2024 is forecast to average a record $180.0 per cwt, eclipsing 2023's record $175.54. Cattle prices will likely be supported by tighter supplies of steers and heifers in feedlots as the year progresses and relatively firm packer demand.

Live Cattle increased 14.29 USd/Lbs or 8.48% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Live Cattle reached an all time high of 195.01 in June of 2024.

In 2025, the outlook for cattle prices indicates a slight improvement compared to the massive gains that occurred over the past few years (see Figure 3). The forecast for fed steer prices in the 5-area marketing region is $188 per hundredweight (cwt), a year-over-year increase of 3%.

Summary and Outlook

The beef outlook for 2023 is very positive. Cash prices have gone up and still have room for more. A decreasing cattle supply resulting from contraction in the cattle industry should combine with adequate demand to provide support for prices throughout the year.

What breed of cattle is most profitable? Angus: This is the most popular breed of beef cattle. Their meat quality is excellent and they provide 50 percent of their weight in the meat. Highland Cattle: Though they are not as popular as they once were, they are still in demand by people who know love their meat.

Data from the USDA over the past 10 years suggest that the best time to market cull cows is not in the fall of the year. Prices are generally lowest during the months of November and December, while the highest prices are received during the months of March, April, and May.

Based on the 2019 budget, slaughter cows (1,200 pounds) are expected to average $50 per hundredweight, while 550 pounds steers and 520 heifers are expected to average $145 and $130 per hundredweight respectively.

Feeder cattle are weaned calves just sent to the feedlots (about 6-10 months old), and live cattle are cattle which have attained a desirable weight (1150-1375 pounds for heifers, and 1200-1500 pounds for steers), to be sold to a packer.

What is the average cost of owning a cow? ›

Generally, cows cost between $500 and $1,000 per year to keep. This includes their care and feed. Purchasing a cow and raising it will automatically become less expensive if you have extra land to grass-feed it. 2 to 5 acres of grassland are required per cow.

So what does that mean for their price projections for 2024? Good says they are expecting record prices again this year for fed cattle. “Fed prices you know we look at them this past year in 2023 we averaged $175. We're suggesting we'll average $184-$185 this year.

The most recent data shows cull cow prices reaching $1.22 per pound, a 73 percent increase compared to last year. In 2024, cull cow prices are averaging $1.03 per pound or 53 percent higher year over year.

Beef Supply Chain Constraints

Unfortunately for beef manufacturers supply is declining and is expected to be 56 pounds per capita in 2024, 1.9% lower than 2023. This is due to the contraction of beef heards, ongoing drought, higher producer input costs, supply chain issues, and more.

The total U.S. red meat and poultry production forecast for 2024 was lowered slightly from last month to 107.54 billion pounds due to lower broiler and turkey production that more than offset higher beef and pork production, according to USDA's latest “World Agricultural Supply and Demand Estimates” report.