Livestock Marketing Information Center
In The Cattle Markets
Updated: 4/21/2025
Investing in Herd Expansion: Time Value and Money and Opportunity Cost
The decision to rebuild the U.S. cowherd is based on profitability—not just current prices. According to the Livestock Marketing Information Center (LMIC), cow-calf returns in 2023 and 2024 are estimated at $252 and $443 per cow, respectively. At the same time, a common concern among producers is the cost of heifers. For example, USDA-AMS data show 2024 bred heifer prices from the Missouri Show-Me-Select sales averaging over $3,000 per head, a 26 percent increase compared to 2023. Before investing in replacement heifers, whether by buying or raising your own, producers should evaluate the investment over the heifer’s entire productive life on the operation.
Livestock Monitor
Updated: 4/11/2025
RETAIL MEAT PRICES
Retail meat prices continued to trend higher through the first quarter of 2025. In March, the
all-fresh retail beef price reached a record of $8.42 per pound, up +6.8% ($0.54 per pound)
from the prior year. The ground beef price surged to a record of $6.14 per pound in March, up
+11.1% ($0.62 per pound) from last year. Roasts were at $7.99 per pound in March,
essentially unchanged from last month’s record of $8.00 per pound, and up +8.1% ($0.60 per
pound) from last year. Steaks were $11.92 per pound, an increase of +3.4% ($0.39 per pound)
from the same month last year.
LIVESTOCK FEED MARKETS STABLE AS WORLD MARKETS SWIRL
Prices for feedstuffs have been unusually stable during the last six weeks while most financial and energy markets have swung across wide ranges. Corn prices in Omaha have traded within a 10 cent per bushel range since late February with one week dipping outside of that range. Soybean meal prices stayed within a $10 per ton band in Central Illinois over the six-week period but then dipped below that in the first week of April. This is quite a contrast to crude oil prices that have moved to the lowest prices in over three years and stock market indices that touched their lowest values since late 2023.
MEAT TRADE UPDATE
The USDA-ERS released meat trade data late last week for the month of February. On the beef
side, imports totaled 371.9 million pounds, an increase of +5.9% from the same time last year, with
year-to-date imports up +14.6% to 979.9 million pounds. These year-over-year gains were largely
driven by a +113.9% surge in imports from Argentina, reaching 10.6 million pounds, followed by
increases from Uruguay (+40.2% to 35.3 million pounds) and Mexico (+15.6% to 50.8 million pounds).
Beef exports, meanwhile, continued to decline in 2025, with accumulated totals down -4.0% to 457.6
million pounds and February exports down -6.9% year over year to 227.4 million pounds.
