USDA expects record Steer Price in 2024 – 8/17/2023

Published by David Tedrow on

USDA has projected the average price for steers, finished and basis Nebraska, at $186 per hundredweight in 2024 compared to the previous record $155 established in 2014. Another sharp reduction in US beef supply in 2024 forms the base for the USDA’s live steer price forecast. US beef supply is defined as production + beef imports – beef exports.  

We have put the USDA’s beef supply and steer price forecasts in graphical form. We have also developed our own steer value model which has the price of steers as a function of annual beef supply and the US Gross National Product (a proxy for beef demand). Our study suggests a modestly higher $195 per Cwt. 2024 annual average for finished steers in Nebraska assuming USDA’s beef supply forecast.. 

Cash finished steers provide a close fit for deliverable cattle on the live steer CME futures market. On 8/17/2023  live steer futures deliverable in 2024 averaged  $186. 

Categories: Livestock

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