As 2024 comes to a close, feeder prices remain high, with steer prices across all weight classes above $200/cwt. Feeder heifer prices also remain strong with 4-weight heifers maintaining prices above $200/cwt. Both feeder steers and heifers saw price increases in the last 6 weeks of 2024 to end the year on a high note. All feeder price series ended 2024 at a higher price than observed at the start of January 2024.
As steer prices rose over the month of December, the basis also strengthened with a positive basis for 4-weight steers recorded starting in mid-November. Basis for 4-weight steers averaged$4.17/cwt in Q4, an increase of $13.58/cwt from Q4 basis in 2023. Basis for other steer weight classes did not fare as well with an average basis of -$12.94 for 5-weights and -$29.22 for 6-weights, a decline of -$1.04/cwt and -$3.43/cwt from the 2023 Q4 average respectively.
Lighter weight heifer basis was stronger in Q4 in 2024 compared to Q4 in 2023. Average basis for 4 and 5-weight heifers in Q4 of 2024 were -$28.66 and -$38.44. While negative, these average basis values were an increase of $6.71/cwt and $1.85/cwt over the 2023 Q4 averages.Heavy 6-weight heifer average basis over this quarter was -$52.96, a weaker basis compared toQ4 2023 of -$5.19.
Read full report below:
