Livestock Marketing Information Center
In The Cattle Markets
Updated: 3/31/2025
Crop Reports
Expectations for higher profits from corn related to other crops drove higher expectations ahead of the USDA-NASS Prospective Plantings report released while the markets traded today. The expectation was for 94.4 million acres of corn in the U.S. with a wide range across analysts. The actual estimate was 95.3 million acres. Using a yield of 181 bushels per acre and a 92% harvest percentage would give production of 15.7 billion bushels. That would exceed the record production from 2023. The corn acreage was sharply higher from Nebraska east to Indiana. Acreage gains came at the expense of soybean and hay acres. Acreage of sorghum, which has gained acres regionally in recent years, was 6.6 million acres, slightly above the high end of trade estimates.
Livestock Monitor
Updated: 3/28/2025
MARCH 1 HOG INVENTORIES DOWN SLIGHTLY
The March 1 Hogs and Pigs Report released by USDA-NASS reported all hogs and pigs down less than one percent (-0.2%) to 74.5 million head. Average pre-report expectations had all hogs and pigs in the opposite direction at up +1.2% with estimates ranging from up +0.2% to +1.9%. Market hogs were reported down -0.2% to 68.5 million head. Analysts were expecting an average increase of +1.1% with a range of up +0.2% to +2.0%.
DAIRY HERD EXPANDS AGGRESSIVELY IN WEST
At the beginning of the year, the milk cow herd was expected to expand by 10-15 thousand head per month during the first three months and then grow at a slower pace through the spring and summer. The reality has been that 35,000 cows were added to the dairy herd in January, and 15,000 cows were added in February. Changes in the milk cow herd inventory have been consistent with regional variations in feed cost trends.
MARCH 1 CATTLE ON FEED
The USDA-World Agricultural Outlook Board (WAOB) released its monthly forecast of agriculture markets this week. Little or no change was made to corn and soybean market outlooks from the prior month. Corn exports for the current crop year (Sep 2024-Aug 2025) are pegged at 2.45 billion bushels, up from 2.292 billion bushels and are at the highest volume since the 2021 crop year. Corn usage for ethanol, food products, and seed are expected to run at 6.89 billion bushels, up from 6.86 billion bushels last year and at the highest level since the 2017 crop year. Both components of corn demand are robust and should keep offerings of corn to the US livestock, poultry, and dairy markets at a level slightly less than the last crop year.
Livestock Monitor pdf