What to expect from cattle prices, herd rebuilding in 2024 

Lasting effects from drought and subsequent herd culling have driven cattle prices to extreme highs and cattle numbers to sustained lows. Oklahoma Cooperative Extension Livestock Marketing Specialist Derrell Peel shared an outlook on the 2024 cattle market and what producers can expect going forward during the recent Central Oklahoma Cattle Conference in Stillwater, Oklahoma.

He said before these high prices plateau, he expects 500-pound steers in Oklahoma to reach $4 a pound, 800-pound steers to hit $3 a pound, cull cow prices to be well over $1 a pound and fed cattle prices to go over $2 a pound.

“Whether that happens in the next month or two or the next six months or the next year and a half, I can’t tell you for sure,” Peel said.

He said the bred female market has not accelerated as fast as some people expected, but it is gearing up for a big take-off. Not surprisingly, the largest driver of cattle processing this year has been tighter cattle supplies. Peel said last year total cattle slaughter went down 4.3% and beef cow slaughter was down 11%.