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.
Cattle
The average retail price of beef was $8.31/pound compared to $8.15 in January and $7.83 in February 2024. The previous high came in September of last year when the all-beef price hit $8.20/pound. February typically brings lower demand, but this year bucked that trend. Even with the higher prices, sales volume grew 8.5% compared to last year. Ground beef led the volume increase with a 7.5% uptick in sales, but total pounds of ribeye and sirloin grew as well.
Packers slowed harvest in February, but the cutout value worked lower, not higher. Wholesale prices have since reversed course. The Choice cutout value averaged $319.57 last week, $5.50 higher than the previous week. The increase is likely due to the first signs of spring demand. Estimated harvest for last week totaled 587,000 head, an increase of 9,000 from the week prior and 10,000 fewer than a year ago.
Cattle Prices
High Choice and Prime beef breed steers were $1-$2 higher, selling for $194-$212/cwt with some selling to $216/cwt. Choice steers and heifers ranged from $183-$193/cwt. Holstein steers were steady to $2 higher. High grading Holstein steers brought $172-$185 with reports of some to $187/cwt. Lower grading steers brought $146-$171. Silage-fed, under-finished or heavy dairy breed steers brought $78-$146/cwt. Dairy x Beef steers were steady, bringing $155-$200 with some to $207/cwt.
Cows were mixed. Most cows brought $104-$126/cwt with some to the low $140s. Lower yielding cows brought $70-$104/cwt. Doubtful health and thin cows brought up to $70/cwt. Dairy breed bull calves were higher, selling from $400-$600/head with some heavier, well-managed calves selling to $900/head. Dairy breed heifer calves were steady, bringing $200-$550/head.
Beef and Beef Cross calves were steady, selling to $1,200/head. Light and lower quality calves sold up to $50. Shorn lambs brought $150-$212/cwt.
