Livestock Industry Snapshot

• USDA forecasts continued strong pricing for choice steers with 2024 average prices coming in at $187.12/cwt. and 2025 average prices forecast to average $206.00. Cattle and beef prices are likely to remain elevated for at least another 18-24 months due to low herd sizes.
• Broiler prices are forecast relatively flat at $1.29 in 2024 and $1.33 in 2025. Egg prices have sharply increased and are forecast to average $3.03 in 2024 and $3.94 in 2025, depending on what happens with Avian Influenza.⁵
• Strong demand continues to support high prices for meats and eggs. U.S. per capita consumption of meat and poultry rose 1.3% in 2024 to 228 pounds, despite much higher retail price levels.
• Non-feed input costs, such as labor, have significantly increased, but the falling cost of feed has provided some inflation relief for producers. Corn prices have fallen 27% over the last year, hay prices were down 21%, and soybeans have declined 21%.
• As with many other agricultural commodities, trade uncertainty is a concern for this sector. 

¹ USDA WASDE