Calf prices reach record high

During the first week of February 2024, 500-pound steers (M/L #1) in Oklahoma posted a new weekly record price of $321.34/cwt., surpassing the previous high of $312.72/cwt. in November 2014. For the first three weeks of February, the price of these 500 pounds steers has averaged $323.64/cwt.

For the 800 pound (M/L #1) steers, prices in February have averaged $235.36/cwt., still below the September 2023 record of $253.58/cwt., which exceed the previous high in October 2014 of $241.79/cwt. The overdone feeder market correction in late 2023 took the price of 800-pound steers to a low of $216.47 in December with the feeder price rallying back some $19.00/cwt. thus far in 2024. Oklahoma feeder auction volume thus far in 2024 is down 14.6% year over year.

The pending February “Cattle on Feed” is expected to show lower January placements but with a February 1 feedlot total still higher than one year ago. Feedlots are quite full in many cases and are dealing with muddy conditions and lost performance due to winter weather in December and January.