Time for the mid-year cattle market assessment

With the first half of 2024 in the books, it’s worth evaluating the first six months and what to expect for the remainder of the year.

At mid-year, cattle prices are at all-time record levels. Fed steers averaged $195.81/cwt., live basis, and 850-pound, Med/Large, No. 1 steers averaged $255.41/cwt. in Oklahoma auctions prior to July 4. Likewise Boning cull cows, average dressing, averaged $143.22/cwt. with high dressing Breaker cows averaging $ 154.41/cwt. Steers calves are priced slightly below the March seasonal peak but averaged $324.53/cwt. before July 4 for 475-pound Med/Large, No. 1 steers, down from the $350.85/cwt. March average.

Beef production

Beef production is down 1.6 percent year over year in the first half of the year. Thus far, beef production is down less than expected. All of the reduction in beef production is in nonfed beef, with fed beef production actually 0.7 percent higher for the year to date and nonfed beef production down 12.5 percent year over year in the first half of 2024. Steer slaughter is down 1.7 percent and heifer slaughter is down 1.5 percent year over year so far this year, but sharply higher steer and heifer carcass weights are more than offsetting the modest decreases in slaughter. Carcass weight showed little seasonal decline through the first half of the year and steer carcasses averaged 32 pounds heavier year over year in the second quarter of the year with heifer carcasses 26 pounds heavier in the past 12 weeks.