Prepared and written by Jeff Swenson, DATCP Livestock and Meat Specialist. The Market Update draws information from several sources, including trade publications, radio broadcasts, agricultural news services, individuals involved in the industry as well as USDA NASS and AMS reports.
The question whether cattle prices could move even higher was answered last week with negotiated trade moving $3 to the upside. Prices of $260/cwt were seen throughout the country with dressed prices topping $400/cwt. According to Dennis Smith of ADM Investor Services, the price of fed cattle has risen 525% since 2022. Both live cattle and retail beef prices are at record highs, but wholesale prices are not keeping pace with packers still in the red. Cattle buyers are saying they are struggling to find cattle, indicating the supply side of the equation will remain tight. Last week’s estimated harvest of 527,000 head was 7,000 fewer than the previous week and 34,000 less than a year ago. Harvest numbers this week may beat last week but will remain well below last year. Cattle harvest is trailing 2025 by 9.4% year-over-year. Heavier cattle are helping to offset the drop in cattle supply, but still beef production is trailing last year by 6.9%. The beef cutout value was 75 cents higher last week averaging $389.39. The Select cutout value isn’t far behind the Choice, averaging $388.38. A tight spread between the two has often meant a shift to less expense cuts at the retail level, but in this case, it may be the reality that the supply of Select grading cattle is historically low. Less than 10% of cattle marketed are grading Select, with record high numbers grading Prime.
Fed cattle were sharply higher. Top quality beef steers and heifers brought $239-$258/cwt with several selling higher. Mixed Choice and Select steers and heifers ranged from $225-238/cwt. High grading Holstein steers were as much as $5-$7 higher at $210-$240/cwt. Lower grading steers brought $180-$210/cwt. Silage fed, and under finished steers brought $95-$180/cwt. Dairy Beef cross steers were steady to strong at $200-$246 with several lots selling higher. Cows were higher from $118-$159/cwt with some still selling into the160s. Lower yielding cows brought $70-$118/cwt. Doubtful health and thin cows brought up to $70/cwt. Dairy breed bull calves were steady, selling from $800- $1,800/head with some higher. Dairy breed heifer calves brought $200-$800/head. Beef and Beef Cross calves were mostly steady $800 to $1,950/head. Light and lower quality calves sold up to $60. New crop lambs brought $210-$280 cwt with some selling higher.
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