Source: Drovers
In the first half of 2024, cattle prices reached record highs, with fed steers averaging $195.81/cwt and 850-pound steers at $255.41/cwt. Boning cull cows and high-dressing Breaker cows also saw significant prices. Steer calves averaged $324.53/cwt, slightly below their March peak. Beef production decreased by 1.6% year over year, mainly due to a 12.5% drop in nonfed beef, while fed beef production increased by 0.7%. Steer and heifer slaughter declined modestly, but heavier carcass weights offset these decreases. Choice boxed beef prices remained stable, and strong demand for grilling steaks and ground beef pushed prices to record levels.
Feedlot inventories as of June 1 were unchanged from the previous year but have been slow to decrease due to prolonged feeding periods and high heifer slaughter rates, indicating limited herd rebuilding. Beef production is expected to decrease 3.0-3.5% by year-end, with cattle prices likely remaining high, potentially increasing further with significant herd rebuilding.
Read the full story HERE: https://www.drovers.com/markets/market-reports/peel-mid-year-cattle-market-assessment