Fed cattle weights have trended higher over the past two months. The average steer dressed weight during March 2024 was 923 pounds. This was the highest March average on record, surpassing the March 2022 total of 914 pounds, and was only the second time that average steer weights during March topped 900 pounds. Cattle weights have been increasing over time, but this particular increase is interesting because of the time of year in which it is occurring. As shown on the chart above, carcass weights typically decrease seasonally during the first half of the year. Carcasses have been getting larger at a time of year when they would normally be decreasing.
Cattle weights are increasing because cattle are spending longer periods in feedlots. As Kenny discussed last week, marketings (or the number of cattle sold out of feedlots) have been lower than expected the past few months. While feedlot supplies are above year-ago levels now, there will be fewer feeder cattle to replace those supplies in 2024. Many feedlots may be incentivized to push weights higher in an effort to keep inventories near capacity for as long as possible. We also have not seen the usual rally in boxed beef or live cattle prices that would normally be expected this time of year and could incentivize more aggressive marketings. Rather, boxed beef prices and live cattle prices trended lower over most of the past month until ticking upward last week.
April 30, 2024
Josh Maples
