November 22, 2011
 

USDA reports soaring cattle prices for October

The USDA's October Agricultural Price Report reveals that beef cattle prices were up US$0.04 per pound from September 2011 to US$0.116 per pound, the highest US beef cattle prices since April this year.

A relatively weak US currency and increased global demand for US beef has contributed to a US$0.23 per pound rise in beef cattle prices compared with October 2010.

Despite some recent rain, the drought in southern US is still having an effect on cattle numbers and prices. While prices for calves, steers and heifers have increased, the price of cows has decreased. The drier conditions and lack of feed led to an increase in the supply of cows sent to market through 2011, resulting in downward pressure on cow prices.