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: 4/25/2025
CATTLE ON FEED AND HERD REBUILDING
As of April 1, 2025, the latest Cattle on Feed report from USDA-National Agricultural Statistics Service (NASS) reported that cattle on feed in feedlots of 1,000+ head capacity were down -1.6% to just over 11.6 million head. This was in line with pre-report estimates, which had cattle on feed down -1.7% on average. April marked the fifth consecutive month where the cattle on feed inventory was reported down from the prior year. Cattle marketings during March were reported up +1.1% to just over 1.7 million head. This was slightly above the average pre-report estimate of +0.7% above a year ago.
COLD STORAGE
End-of-month meat stocks in cold storage were reported yesterday by the USDA-NASS for the month of March. Within red meat, total beef in cold storage increased by +0.7% compared to the same time last year, reaching 427 million pounds. Gains were driven primarily by a +10.2% increase in beef cuts to 40 million pounds, whereas boneless beef declined only marginally by -0.2% to 387 million pounds. Total pork stocks in cold storage declined by -8.8% year over year, totaling 422 million pounds.
DAIRY MARKET UPDATE
This year’s dairy markets are tracking close to expectations that are driven by the recovery in milk and dairy product prices last year. The milk cow herd was up a little more aggressively than expected at the start of the year, leading to more supply than expected, which kept a lid on dairy prices as the first three months progressed.
Livestock Monitor pdf