Live steer prices set a record | Weekly Livestock Market Update
Brownfield's Meghan Grebner and Mississippi State University's Josh Maples look at live steer prices, jobs, and GDP in this episode of the Weekly Livestock Market Update.
Market highlights:
Live steer prices averaged $221.94/cwt for the 5-market average which was up $5.62 from a week ago. The June live cattle futures contract was up $3.18 from a week ago to $211.43/cwt, and the May feeder cattle futures price was up $4.36 per cwt on the week to $294.88. Choice box beef was at $344.48 at the end of this week, which is up $11 from last week. Cash hogs were up $1.62 to $88.21/cwt. February lean hog futures were up 15 cents to $92.95/cwt on the week. The pork cutout value was up $3.39 from a week ago, to $99.42/cwt this week.
Weekly Slaughter:
At the end of the week, cattle slaughter was 559,000 head, up 4,000 head from last week, and down 62,000 head from the same week last year. Hog slaughter was 2.49 million head, up 2 percent or 56,000 from the previous week and up 83,000 head (3 percent) compared to year ago.
Cattle Prices:
The 5-area live cattle price hit $221.94 on Friday, a record high. This week had 3 of the highest daily price averages on record. 500-600 pound steers in Oklahoma City averaged $365 per cwt this week. 700-800 pound steers were at $286. These are really strong prices for cattle amid really tight supplies.
Jobs Report and Quarterly GDP:
The latest job report showed nonfarm employment increased by 177,000 jobs during April. This was lower than in March but higher than was expected pre-report. The unemployment rate remained at 4.2 percent and the labor-force participation rate was 62.6 percent. This report represents data collected during April.
The Commerce Department released their initial GDP estimate for the first quarter last week. The report showed an estimated decline in gross domestic product (GDP) declined 0.3 percent during the first 3 months of 2025. This is the lowest quarterly rate since early 2022 and was below pre-report estimates. GDP is the total value of products and services.
Importantly, imports are subtracted from GDP. Imports of products were very high in the first quarter of 2025, an increase of 41.3 percent, as consumers, distributors, etc., tried to get purchases in ahead of the tariffs being implemented. The subtraction of these large levels of imports was the primary contributor to the low GDP number. Consumer spending declined from the 4th quarter of 2024 but was still relatively strong.
Next Week’s Reports:
ERA Monthly Trade Data
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