Livestock Marketing Information Center
In The Cattle Markets
Updated: 12/15/2025
Fundamentals & Perspective – The Glass Can Be Half Full
Here in mid-December of 2025, feeder cattle in Kansas are selling for $400-$700/head (varying by weight class) more than last year (and $900/head higher than December 2023). Yet these mid-December price levels put seller revenues $100-$300/head (again varying by class) below 2025 peak, mid-October levels. Indeed, many cow-calf producers are going to have a strong year and perhaps also wish (with the ever-favorable benefit of hindsight) they locked in sales prices at a different time. Alas, all these statements can be true, even if frustrating in reflecting the nature of 2025, and provide a classic “glass is half full vs half empty” framing opportunity.
Livestock Monitor
Updated: 12/19/2025
SHEEP & LAMB PRICES MOVE SEASONALLY HIGHER
During the second half of the year, the lamb market has strengthened. Feeder lamb prices (3 market average, CO, TX, SD, 60-90 pounds) started to move seasonally higher in August. In late August, feeder lamb reached a seasonal bottom at $197.79 per cwt, and since that time, prices moved quickly higher, rising $140.68 (+71%) to last week’s price of $338.47 per cwt. Compared to a year ago, last week’s feeder lamb price was up $148.66 (+78%). Slaughter lamb prices (national negotiated live) have been on a steady rise since the last week of May when prices bottomed out at $161.42 per cwt. By late July, slaughter lamb prices continued to move counter-seasonally higher, cresting at $200 per cwt, and by October, prices were above $220 per cwt. From October to last week, prices ranged from about $221 to nearly $229 per cwt with an average of almost $225 per cwt. The last time slaughter lamb prices reached about $220 per cwt was late April 2022 ($222.30 per cwt).
ON-FEED INVENTORIES ARE ON THEIR 13TH CONSECTIVE MONTH OF DECLINE
USDA-NASS released their Cattle on Feed report last week, showing on-feed inventories were down -2.1% year over year to 11.7 million head as of December 1. The loss of on-feed inventories fell on the heels of lowered placements and marketings during the month of November. Placements were down -11.2% to just under 1.6 million head while marketings were down -11.8% to 1.5 million head. Compared to pre-report estimates, realized outcomes all fell within forecasted ranges but compared to average assumptions were lower across the board.
RECORD-SETTING CORN EXPORTS SUPPORT IMPROVING CORN PRICE OUTLOOK
The monthly World Agriculture Supply and Demand Estimates (WASDE) from the USDA released earlier in December pegged corn exports at 3.2 billion bushels, a new record, based on shipments since the start of the crop year on September 1. This projection was up 125 million bushels from a month earlier and up 325 million bushels from expectations that were in place before harvest started in September. On the other side of the supply and demand ledger for the US corn market, corn production in September was expected to be 16.814 billion bushels based on 90 million acres harvested with an average yield of 186 bushels per acre. The current USDA estimate of corn production is down about 50 million bushels from September based on a downward adjustment to average yields.
Livestock Monitor (pdf)