Wisconsin Cattle Market Showing Signs of Tighter Supply

Thursday, March 14th, 2024 -- 9:00 AM

(Wisconsin Ag Connection) The cattle market in Wisconsin is showing signs of a tighter supply, with recent auction volumes falling below 2023 levels.

According to the Wisconsin Ag Connection, this decrease is particularly evident in the number of cows being sold, leading to higher cow prices, a trend expected to continue until late spring. Even dairy cow marketing has slowed despite lower milk prices.

While slaughter numbers are down, wholesale beef prices are rising. Choice beef cutout value reached $303.21 last week, with Select cuts also experiencing gains. Packers remain focused on cattle grading Choice or above.

The recent wildfires in Texas and Oklahoma may have a long-term impact on the cattle market, with reports of missing and deceased cattle due to fence destruction. Additionally, frozen beef supplies are currently 11% lower than last year.

Wisconsin auction markets are seeing steady slightly higher prices for fed cattle. High-quality beef steers and heifers are fetching $171 to $179 per hundredweight (cwt), with some reaching $186/cwt.

Choice steers and heifers are selling between $162 and $171/cwt, while those likely to grade Select are priced at $152 to $162/cwt. Prices for Holstein steers are also steady to higher, with top grades reaching $152 to $160/cwt.

Dairy x Beef steers are showing the most significant increase, selling between $128 and $177/cwt. Cow prices are also up, with most sales ranging from $84 to $110/cwt.

The domestic pork market is improving, with exports remaining strong. While the pork cutout value dipped slightly last week, most primal cuts saw gains. Hog futures contracts suggest continued optimism, with June and July contracts trading above $100/cwt.

Despite a slight decrease from the previous week, hog slaughter remains higher than 2023 levels. Feeder pig prices have also risen significantly this year, with the composite price reaching $85.45/head compared to $44.68 in January.

Holiday demand is driving the fed lamb market, with the cutout value reaching $471.06 last week. Wholesale leg prices are particularly strong. Market lamb prices are steady to higher, with some reaching $250/cwt.

However, the slaughter pace remains elevated compared to last year, potentially impacting lamb and mutton production.

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