Florida Cattle Market Update: A Recap of 2024

Total receipts in Florida (cattle sold) for 2024 are 317,041 compared to 355,455 last year, a 10.8 percent difference (12/12/2024 Florida Weekly Auction Report). The fall-run of lower prices is behind us, as prices have started rising, as they typically do in November and December. Average monthly prices in 2024 for 450-500-pound steers in Florida have ranged from $267/cwt (August) to $327/cwt (March). The average price for steers in November was $287/cwt and is currently $309/cwt, as of the latest price report. With tight cattle supplies and no signs of significant efforts towards expansion, we can expect to continue to see these high prices going into 2025.

As stated in previous updates, watching the number of heifers on feed is a key indicator of heifer retention. As of the October quarterly report, heifers are still accounting for about 40 percent of all cattle on feed. Even though some operations may be starting to keep back some heifers, heavy retention has not begun nationwide. In 2024, average prices for weaned heifers in Florida auctions (450-500-pounds) have ranged from $243/cwt (August) to $276/cwt (May). Bred heifer/young cattle (2-8 years of age) prices have ranged from $124/cwt (January) to $200/cwt (October).

Beef cow slaughter is down 18 percent year over year. However, we have to look at the number of beef cows slaughtered compared to the total number of beef cows available. This percentage is around 10 percent, as of the end of October (latest Livestock Slaughter Report). While this is a 1 percent decline from 2023’s average culling rate, it is not a strong enough decline to indicate that producers are not still liquidating.

It will be interesting to see in the 2025 January Inventory Report just how many heifers have been held back as replacements, by how much beef cow numbers have declined, and the impact that it will have on already high prices.

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For questions, contact Hannah at h.baker@ufl.edu 

See this update and other helpful resources online at https://rcrec-ona.ifas.ufl.edu/about/directory/staff/hannah-baker/

December 2024