Sources: Russell Knight and Hannah Taylor, USDA; ERS - Dec 20, 2024
In November, the weighted-average price for feeder steers weighing 750–800 pounds at the Oklahoma City National Stockyards was $252.80 per hundredweight (cwt), a $1.39 decline from October. Prices jumped in the first 2 weeks of December—likely on the news of the ban on feeder cattle from Mexico— to a weighted average $268.42 per cwt, an increase of more than $15 from November. The fourth-quarter price forecast for feeder steers is $5 above last month at $259.00 per cwt.
The assumption of Mexican feeder cattle being absent from the U.S. supply chain in 2025 is reflected in next year’s price forecasts; the annual forecast is raised $15 from last month to $272.50 per cwt. The chart above shows weekly prices and quarterly price forecasts.
The November average price for slaughter steers in the 5-area marketing region was $187.20 per cwt, $1.42 lower than October. Wholesale beef prices have not shown the strong seasonal decline typically seen late in the year, and in recent weeks they have moved counter-seasonally. This wholesale beef price strength has bolstered slaughter cattle prices during the holiday season.
Based on December daily price information, the slaughter steer price forecast for fourth-quarter 2024 is unchanged from last month at $188.00 per cwt. Because fewer feeder cattle are expected to be placed in November and December 2024 and in 2025, there are expected to be fewer slaughter steers available for processing starting in second-quarter 2025. Consequently, the 2025 price forecast is raised $3 to $191.00 per cwt, a 2-percent year-over-year increase. The chart below shows weekly prices and quarterly price forecasts.
