As cattle prices move upward and tighter beef supplies become more certain, there is much chatter around the country regarding the prospect of record cattle prices. While there are many good reasons for the optimism, feed prices could dampen the enthusiasm.
USDA projected a decline in corn prices from $6.70 per bushel in the 2022-23 marketing year to $5.60 for 2023-24. That would be welcome news if realized, but still leaves feedlots paying more for feed (and having less money available to bid for calves) than at a $4-per-bushel corn price.
