Will beef cattle prices move higher in 2024?

Overall, beef cattle prices are expected to move higher year-over-year throughout 2024. The beef cattle market outlook is strong for 2024. Beef cattle markets marched higher in 2023 with prices reaching record highs. Since then, prices moderated in line with seasonal trends but remain well above prices in 2022.

How much does beef cost in 2024?

All current beef pricing trends are based on USDA data as of May 15, 2024. Last week’s trends refer to the USDA market for the week ending May 10, 2024. Live cattle sold mostly between $1.84 and $1.85/lb. last week. Live cattle are expected to remain steadily priced this week, according to analysts.

What will cattle prices look like in 2024?

Here’s what cattle prices are forecast to look like in 2024: Fed steers – finished animals ready for harvest will average $184/cwt, up $9 from 2023. Feeder steers (800 pounds) – animals ready to go into a feedlot for final finishing will average $240/cwt, up $20 from last year.