Cattle Prices Today

CME live cattle futures (ticker symbol LE) are the benchmark contract for the U.S. fed cattle market. Each contract represents 40,000 pounds of live cattle and is quoted in cents per pound. A quote of 195.00 means $1.95 per pound, or $78,000 per contract. Live cattle futures trade on six contract months throughout the year: February, April, June, August, October, and December. Electronic trading on CME Globex runs Sunday through Friday, with a daily settlement that establishes the official closing price.

The cattle market operates on a biological cycle that sets it apart from grain markets. Unlike corn or wheat, which can be planted and harvested within a single year, the cattle cycle takes roughly 10 to 12 years from peak to peak. It takes approximately two to three years just to rebuild a cow herd after liquidation — a cow must be bred, carry a calf for nine months, and then that calf needs another 18 to 24 months before it reaches slaughter weight. This biological lag creates extended periods of tight supply and high prices followed by herd expansion and eventual price pressure.

Cattle are priced on a hundredweight (CWT) basis, where one hundredweight equals 100 pounds. When you see a price of $190/cwt, that means $1.90 per pound of live weight. To calculate the per-head value of a finished steer, multiply the live weight by the price per pound. A 1,300-pound steer at $190/cwt equals $2,470 per head. At $200/cwt, that same steer is worth $2,600 — a $10/cwt move shifts per-head value by $130.

Packers buy cattle on either a live weight or dressed weight basis. Dressed weight refers to the hot carcass weight after hide, head, and internal organs are removed — typically about 63% of live weight for well-finished cattle. A 1,300-pound steer with a 63% dress yields an 819-pound carcass. Dressed prices are higher per pound because the weight is lower. Grid pricing adds premiums and discounts based on carcass quality: USDA quality grade (Choice, Select, Prime), yield grade, and carcass weight. Negotiated cash trade, where packers and feedlots agree on a price directly, still sets the benchmark for price discovery, though formula and grid-based sales now account for the majority of transactions.

The U.S. cattle herd stands at approximately 87 million head, with beef cow inventory at its lowest level in over 60 years. Years of drought across the Southern Plains and Western states accelerated liquidation, and the industry is now in the early stages of herd rebuilding. Heifer retention — when ranchers hold back heifers for breeding rather than sending them to feedlots — is the first signal of herd expansion, but it temporarily tightens the supply of animals available for feeding and slaughter.

Packer concentration is a defining structural feature of the U.S. beef industry. Four companies — Tyson Foods, JBS, Cargill, and National Beef — control approximately 85% of fed cattle slaughter. This concentration gives packers significant leverage in cash cattle negotiations. The cattle market also follows strong seasonal patterns: prices typically peak in spring as grilling season demand ramps up and feedlot supplies tighten, then soften in fall when large numbers of calves come to market off grass. The three distinct market segments — fed cattle, feeder cattle, and cull cows — each have their own price dynamics and seasonal trends.

USDA Agricultural Marketing Service (AMS) publishes auction market reports from livestock auctions across the country. These reports detail actual transaction prices by weight class, sex, frame size, and muscle score. Unlike futures prices, which reflect expectations about future values, auction reports show what buyers are paying right now for physical cattle at specific locations.

Regional price variation is significant. A 750-pound steer might bring $265/cwt at a regional auction but $255/cwt at a sale barn several states away due to differences in freight costs, feedlot proximity, and local supply-demand conditions. Monitoring auction reports from your region gives a much more accurate picture of local market value than futures prices alone.