Livestock Marketing Information Center
In The Cattle Markets
Updated: 2/3/2025
Cattle Inventory Report
The latest USDA-NASS Cattle report affirmed tighter U.S. cattle supplies. As of January 1, 2025, there were 86.7 million head of cattle in the U.S. Breakdowns by categories were generally lower by the same percentage as the overall total. Beef cows were lower, while milk cows were steady. All heifer types were lower as were all steer and bull categories. The only category that was outside of expectations was the calf crop, which was only lower by about 35,000 head from the total for 2023. Trade expectations could have been hindered without July 1 estimates. Higher calf prices may also have given producers an incentive to not cull open cows as quickly this past year, leading to a slightly better aggregate calf crop.
Livestock Monitor
Updated: 1/31/2025
CATTLE INVENTORY
The USDA-National Agriculture Statistics Service (NASS) released their annual Cattle report last Friday, offering a snapshot of domestic cattle inventories going into the new year. As of January 1, 2025, all cattle and calves declined -0.6% to 86.7 million head, near the upper range of analysts’ expectations, which averaged a -0.9% decline and had a best-case scenario decline of down -0.5%. The 2024 calf crop fell just -0.1% to 33.5 million head, well above analysts’ projections, which had anticipated a -1.5% drop within a down -1% to down -2.1% range.
SHEEP AND GOAT INVENTORY
USDA NASS released the annual Sheep and Goats report, providing a snapshot of inventory levels as of January 1, 2025. All sheep and lamb inventory levels in the U.S. increased marginally (+0.4%) by 20,000 head to 5.050 million head. Texas reported a +4.7% (30,000 head) increase from a year ago to 670,000 head while Utah increased +3.7% (10,000 head) to 280,000 head. Colorado, California, and Idaho remained unchanged from the prior year at 405, 510, and 235 thousand head, respectively. Wyoming and South Dakota reported declines of 20,000 (-6.3%) and 5,000 head (-2.4% head), respectively, to 300 thousand and 205 thousand head.
CORN MARKET PRICE RALLY CONSISTENT WITH REVISED HARVEST ESTIMATES
The nearby futures contract for corn (March delivery) reached a high of $4.975 per bushel on Wednesday, January 29. Back in late August, the nearby futures contract (December) traded as low as $3.85 per bushel. The last time corn prices moved by this amount from late summer to the start of the following year was 2021 when prices went from $4.98 to $6.03 per bushel. In the months that followed in 2022, nearby futures moved to $8.18 per bushel in early May. In 2022, the forces moving corn prices higher were crop problems in the Southern Hemisphere and the war in Ukraine.
Livestock Monitor pdf