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CattleFax talks price outlook for 2024

With more contraction in the cattle herd, the CEO of CattleFax says that could signal good news for prices.

Randy Blach says supplies are going to decline in 2024, 2025, and probably again in 2026. “And if you think about our markets in total, we’re still going to be in a situation that cattle prices are going to trend higher,” he says.   

He tells Brownfield he’s forecasting big jumps again in fed cattle prices. “In 2020, fed cattle prices averaged $1.09,” he says.  “Last year, fed cattle prices averaged $1.75.  In 2024, I would say we’re going to average closer to $1.85.”

As for calf prices?  “We were at $1.60 in 2020,” he says.  “This year they are going to average closer to $3 per pound for a 5-and-a-half weight calf.”

But, Blach says if demand doesn’t hold — the higher prices will likely back off. 

AUDIO: Randy Blach, CattleFax