Robust Cattle Prices

Prices for cattle strengthened in 2023 and more increases could be in the future. Recent prices for 500-600 lb. feeder steers in Nebraska were around $305 per cwt. compared to $220 a year ago. And while prices for live steers are off highs of a few months ago, recent sales at $174 per cwt. are higher compared to $156/cwt. at this time last year. The USDA WASDE projects lower beef production this year, projected down over 1 billion pounds. Meanwhile, domestic demand for beef is resilient. Kansas State University’s choice beef monthly demand index for October was higher compared to January 2023—a sign consumer demand is still steady. Beef exports, though, were lower in 2023 and are projected to fall even further in 2024.