Profit Tracker

Beef Profit Tracker: Packer Losses Deepen as Feedlot Profits Hold Steady

Wed, 13 May 2026 16:16:27 GMT

The impact of higher Choice steer prices against only minor upper movement in the Comprehensive Beef cutout definitely made an impact on beef industry margins last week.

Sterling’s estimate of beef packer margins averaged -$246.42/head against -$123.35/head the prior week while feedlot margins averaged $186.70/head and down only about $7/head from the prior week as estimated break-evens were about $.50/cwt higher with a $2/cwt higher feeder cattle cost.

View the full Sterling Beef Profit Tracker for the week ending May 9.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Beef Profit Tracker: Packers and Feeders See Sharp Gains as Market Surges

Wed, 06 May 2026 14:31:28 GMT

Beef packers fared much better last week in the face a higher Beef Cutout which was up $3/cwt. from the prior week, and a lower cost of cattle paid two weeks prior for slaughter last week. The 5-Area Direct Choice steer price 2 weeks prior for slaughter last week averaged $246.19/cwt. and advanced to $255.13/cwt. last week.

Sterling Packer Margins averaged -$123.15/head against -$188.23/head the previous week. Another contributing factor was the sharply higher drop credit averaging $219.43/head and the highest since the week of Nov. 19, 2022.

Feedlot margins also improved sharply last week averaging $193.33/head compared to -$2.50/head a week earlier.

View the full Sterling Beef Profit Tracker for the week ending May 2.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Beef Profit Tracker: Packer Losses Deepen as Feedlot Margins Turn Negative

Tue, 28 Apr 2026 16:47:50 GMT

Beef packers continued to face negative margins last week with the situation unchanged due to current market fundamentals. Margin erosion was further compounded by unused capacity. Sterling’s packer margins averaged -$188.10/head for the week compared to -$170.50/head the prior week with Sterling’s estimate of capacity utilization at 77.5% for fed cattle plants and 60% for cow plants.

Feedlots were also dealt a blow last week as Sterling estimated feeding margin fell to -$2.50.head from $118.64/head the prior week as the week’s average for 5-Area Direct Steers fell $2/cwt to average $246.19/cwt.

View the full Sterling Beef Profit Tracker for the week ending April 25.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Beef Profit Tracker: Feeding Margins Rise to $118 Per Head as Packer Losses Deepen

Tue, 21 Apr 2026 14:26:06 GMT

The 5-Area Direct Steer Price last week was about unchanged from the prior week averaging $244.85/cwt. for the week. However, with the breakeven for finished cattle averaging $239.65/cwt. compared to $242.18/cwt. the prior week, feeding margins were notably improved with the Sterling average of $118.64/head for the week against $88.66/head a week earlier.

At the same time, break-evens for cattle placed on feed last week will reach $250/cwt. Sterling’s packer margin estimate for last week fell sharply to average -$170.95/head. The Composite Beef Cutout averaged $389.25/cwt. and just under the prior week’s average of $390.15/cwt.

Capacity utilization for cow plants remains a critical concern averaging around 57%.

View the full Sterling Beef Profit Tracker for the week ending April 18.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Post-Strike Rebound: Feedlot Leverage Returns as Packer Margins Dip

Wed, 15 Apr 2026 12:16:41 GMT

Beef industry margins last week were back to where they were prior to the JBS strike at Greeley – positive for feedlots and negative for packers.

Sterling’s estimate for feedlot margins last week was $88.66/head while the estimated packer margin averaged -109.60/head for the week. These margins compare to $3.26/head for feedlots and $65.03/head for packers the previous week.

5-Area Direct Steer prices averaged $248.51/cwt. last week while the Composite Beef Cutout averaged $390.15 for the week. Packers processed cattle priced 2 weeks ago — $244.85/cwt.

View the full Sterling Beef Profit Tracker for the week ending April 11.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Beef Profit Tracker: Feedlots and Packers Both in Black

Wed, 08 Apr 2026 10:49:56 GMT

Feedlot margins were back in the black last week averaging $3.36/head with a significant jump in the 5 Area Direct Steer price.

Steer prices averaged $244.85/cwt. for the week against $235.35/cwt. the previous week. At the same time, beef packer margins remained in positive territory with Sterling estimate for the weekly average at $67.03/head for the week.

While the Composite Beef Cutout was weaker last averaging $394.86/cwt. compared to $397.49/cwt. a week earlier, packers slaughtered cattle that were priced at the previous week’s lower cost.

Also, JBS’s Greeley, Colo., plant remained on strike last week. Fed cattle slaughter was up 8,000 head over the previous week and capacity utilization averaged 82%. That plant went back online this week with no agreement regarding the conditions of the strike.

View the full Sterling Beef Profit Tracker for the week ending April 4.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Beef Profit Tracker: Packer Profit Margin Improves to $90/head

Wed, 01 Apr 2026 15:37:01 GMT

Reduced slaughter numbers coupled with continued strong consumer demand supporting a strong beef market last week resulted in Sterling’s estimated packer margin averaging $90.36/head with 80.1% capacity utilization.

Feedlots on the other hand, saw per head losses increase to an estimated - $106.58/head as calculated by Sterling Marketing. The 5-Area Choice Steer Price averaged $235.35/cwt. for the week and unchanged from the prior week. The strike at JBS’s Greeley, Colo., plant continues.

View the full Sterling Beef Profit Tracker for the week ending March 28.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Beef Profit Tracker: Packer Utilization Increases to 78%

Tue, 24 Mar 2026 15:07:50 GMT

Union workers at the JBS Greeley, Colo., plant went on strike last Monday, slaughter for the week was the lowest on record or close to it, and Sterling’s calculation of packer margins for the week was $107/head. Are all three related? Perhaps. One thing is certain – the strike led to reduced slaughter capacity, which may not be permanent but at any rate, utilization was bumped up to 78%, which is good.

Feedlots continued to face red ink last week. We can debate whether that is the result of the 5-Area Direct Choice steer prices averaging $235.25/cwt. for the week or break-evens hovering in the low $240 range.

View the full Sterling Beef Profit Tracker for the week ending March 21.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Beef Profit Tracker: Packer Margins Improve While Feedlot Margins Weaken

Tue, 17 Mar 2026 16:39:47 GMT

There are plenty of events to impact the beef market — strike at JBS plant, Iran, oil prices, tariffs — but amid all of the potential impact of these events, wholesale prices have increased, indicating beef demand remains strong.

Union employees at the JBS plant in Greeley, Colo., went on strike Monday. There have been plenty of opinions about the impact of the strike on the market; I won’t get into that conversation other than to say that it will impact fed cattle plant capacity. My simplified math — the plant’s capacity is 5,400 head a day and that accounts for roughly 5½% of total weekly capacity at fed cattle plants. Taking that out of a 525,000 weekly kill would bump utilization from 76% to 83%. Again, that analysis is based on a couple of assumptions that may or may not hold, and I am presenting this as a possible impact on capacity. JBS has already stated they can move that production to other plants.

With weaker slaughter cattle prices over the past two weeks and a stronger cutout, there has been a shift in margins — significant improvement in packer margins and weaker feedlot margins. Last week’s beef packer margin was the best margin the same week in December. However, it is too early to draw conclusions. High break-evens going forward create a tedious situation for feedlots, but against those high break-evens is demand as the industry has never known.

I believe the Iran situation is likely to be concluded in the not-too-distant future, and oil prices will fall. Regarding tariffs, it seems to be a moving target.

View the full Sterling Beef Profit Tracker for the week ending March 14.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Beef Profit Tracker: Packer Margins Remain in Red at -$182.68/head

Wed, 11 Mar 2026 13:50:38 GMT

Though still well into the red ink at -$182.68/head, beef packer margins were improved last week with the Comprehensive Cutout Value gaining $7.31/cwt. This margin was against a cattle cost of $242.57/cwt. for the 5-Area Steer Price the prior week when those cattle were bought by the packer.

Last week’s Choice steer price $240.02/cwt. led to a reduced feedlot margins with the Sterling estimate at $140.16/head and down from $196.53/head the prior week.

View the full Sterling Beef Profit Tracker for the week ending March 7.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Beef Profit Tracker: Demand and Declining Numbers are Driving Beef Complex

Wed, 04 Mar 2026 20:06:40 GMT

Demand against declining cattle numbers and beef production has and will continue to be the driver in the beef complex. The Composite Beef Cutout gained nearly $6/cwt. last week to average $373.86/cwt. The stronger cutout was a help to packer margins with the Sterling estimate for last week at -$314.31/head compared to - $358.40/head the previous week.

Sterling’s estimated feedlot margins were down about $100/head from the prior week to average $196.53/head.

View the full Sterling Beef Profit Tracker for the week ending Feb. 28.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

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Beef Profit Tracker: Packer Losses Deepen

Wed, 25 Feb 2026 13:04:04 GMT

Packer losses last week deepened as slaughter cattle priced two weeks prior for last week’s kill gained significantly against the Comprehensive Cutout with Sterling’s estimate for last week’s margin at -$359.51/head.

Feedlot margins last week were also off from the prior week averaging $298/head. The 5-Area Direct Steer Price averaged $246.62/cwt and about $1.50 higher than the previous week.

Plant capacity utilization continues to be a critical issue and will become an increasingly critical issue with both feedlots and packers in the southern Plains with the border closure. Lubbock Feeders announced they are closing this week.

View the full Sterling Beef Profit Tracker for the week ending Feb. 21.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Beef Profit Tracker: Feedlot Margins Improve to $333.53/head

Wed, 18 Feb 2026 12:24:40 GMT

With a $5/cwt. gain in the weekly average 5- Area Direct Steer price, feedlot margins were notably improved with Sterling estimated average for the week at $333.53/head compared to $306.68 the prior week.

Steer prices averaged $245.18/cwt. against a $221.36 breakeven for those cattle. The first cost of 750-800 lb. feeders into the feedlot averaged $375.51/cwt. compared to $268.55/cwt. for the same week a year ago resulting in a breakeven of $191.49/cwt.

Average packer margins fell further into the red last week with Sterling’s estimate at -$298.46/head compared to -$193/head the prior week. The Comprehensive Beef Cutout averaged $366.87/cwt. last week.

View the full Sterling Beef Profit Tracker for the week ending Feb. 14.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Beef Profit Tracker: Packer and Feedlot Margins Decline

Wed, 11 Feb 2026 10:14:26 GMT

Both packer and feedlot margins declined last week to -$273/head for packers as Choice steer prices gained against little gain with the Comprehensive Cutout Value ($360.50/cwt.) and higher break-evens in the feedlot.

Sterling’s estimate for feedlot margins last week were $307/head against $342/head the previous week.

View the full Sterling Beef Profit Tracker for the week ending Feb. 7.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Beef Profit Tracker: Average Slaughter Cattle Prices Up $30/cwt. Compared to 2025

Wed, 04 Feb 2026 03:54:21 GMT

Slaughter cattle prices were higher last week with the 5-Area Direct Choice steers averaging $239.44/cwt. compared to $234.65/cwt. the prior week and significantly higher than the prior year average for the same week, which was $209.97/cwt.

Feeding margins last week average $342.33/head against a $215/cwt. breakeven and a breakeven for cattle placed on feed last week of $236/cwt. Sterling average estimated packer margin last was -$207/head compared to -$193/head a week earlier. Capacity utilization continues to hover in the mid-70% range.

View the full Sterling Beef Profit Tracker for the week ending Jan. 31.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Beef Profit Tracker: Packer Margins Improve to -$191.89/head, Feeder Margins Improve to $295.48/head

Wed, 28 Jan 2026 15:18:22 GMT

A 1% week-over-week gain to the Composite Cutout against a .3% gain in the 5- Area Choice Steer Price (two weeks prior) gave a boost to beef packer margins last week. In addition, the drop credit gained .4% as well. Sterling’s calculated weekly average beef packer margin was - $191.89/head. The prior week, packers lost an average -$216.97/head.

Feedlots also saw improved margins last week with Sterling’s calculation at $295.48/head against $213.95 the prior week.

View the full Sterling Beef Profit Tracker for the week ending Jan. 24.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Beef Profit Tracker: Packer Capacity Utilization Remains Critical

Wed, 21 Jan 2026 16:50:50 GMT

Beef packers continue to deal with competition for tight cattle numbers. Though there will be some relief following Tyson’s Lexington plant closure, capacity utilization remains a critical issue. Sterling analysis indicates plant utilization averaged 78% in fed cattle plants last week and 63% in cow plants.

Packer margins according to Sterling calculations averaged -$216/head last week while feedlot margins averaged $214/head for the week. 5-Area Direct Choice steer prices averaged $232.40/cwt. for the week against an average Comprehensive Cutout Value of $360.93/cwt., which was up from $353.70/cwt. the prior week.

View the full Sterling Beef Profit Tracker for the week ending Jan. 17.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Beef Profit Tracker: Packer and Feedlot Margins Continue Under Pressure

Wed, 14 Jan 2026 15:40:23 GMT

Both packer and feedlot margins continued under pressure last week. While the 5-Area Choice steer price was unchanged from the prior week, the Comprehensive Beef Cutout gained $11.50/cwt., which lent greater support to the packer margin with Sterling’s estimated average for the week at -$121/head against -$360/head the prior week.

Feedlots, though still well into black ink saw margins drop $60/head for a Sterling estimated average for the week of $231/head.

Plant capacity utilization improved as the industry moved out of the holiday shortened weeks, but at 76% for fed cattle and 66% for cows, it still is well below where it needs to be.

View the full Sterling Beef Profit Tracker for the week ending Jan. 10.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Beef Profit Tracker: Feeder Profit Margins Average $293/head, Packers Losing $360/head

Thu, 08 Jan 2026 18:34:02 GMT

The 5-Area Direct price averaged $231.73/cwt. against the prior week average of $229.39/cwt., which in turn left average feeding margins at $293/head and up $55/cwt. higher than the prior week.

Sterling’s estimated breakeven for cattle placed on feed last week was $231/cwt. compared to $211/cwt. for cattle marketed last week.

While bids for slaughter steers was higher last week, the Comprehensive Cutout Value was down about $12/cwt. to average $342.15/cwt. for the week leaving packers to lose an estimated $360/head.

View the full Sterling Beef Profit Tracker for the week ending Jan. 3.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Beef Profit Tracker: Comprehensive Beef Cutout Continues to Weaken

Tue, 30 Dec 2025 16:02:06 GMT

As is typically the case, commodity markets were slow during the week of Christmas. The Comprehensive Beef Cutout stayed the course set at the beginning of the month continuing to weaken to a weekly average of $354.52/cwt. and down from $357.82 a week earlier, and 371.92 /cwt. a month ago. The same week a year ago this value, which is a weighted average of Prime, Choice, Select, Branded, and Ungraded beef cuts averaged $316.19/cwt.

Packer margins fell further into the red with a lower cutout and a higher slaughter steer price with Sterling’s estimated average for last week at -$220.92/head compared to -$186.72/head.

Capacity utilization at fed cattle plants averaged 58.9% during the holiday-shortened week while cow plants operated at 48.3% of capacity.

Feedlots gained margin against a marginally higher breakeven with Sterling estimate at $237.80/head compared to $304.26/head the prior week.

View the full Sterling Beef Profit Tracker for the week ending Dec. 27.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Beef Profit Tracker: Packer Margins Fall Deeper in Red

Tue, 23 Dec 2025 16:03:33 GMT

Packer margins fell deeper into the red last week in line as the Comprehensive Cutout was pressured lower averaging $357.82/cwt. compared to $361.52 the previous week.

Sterling estimated packer margins averaged -$186.75/head for the week.

5-Area Direct Choice Steers averaged $228/cwt. and nearly unchanged from the prior week.

Feedlot margins estimated by Sterling averaged $304.75/head last week compared to $272.06/head a week earlier. Breakeven prices for those cattle was estimated at $206.27/cwt. while cattle place on feed last week had an estimated breakeven price of $231/cwt.

View the full Sterling Beef Profit Tracker for the week ending Dec. 20.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Beef Profit Tracker: Packer Margins Fall to -$50.59/head

Tue, 16 Dec 2025 19:09:24 GMT

Choice steer prices strengthened and gained nearly $7/cwt. to leave 5- Area Direct Steers averaging $227.90/cwt. for the week, which in turn pushed estimated feeding margins to average $272.06/head for the week compared to $109.82/head the prior week.

Sterling’s estimate for average packer margins for the week fell to an average -$50.59/head, against $163.37/head the prior week.

The Comprehensive Cutout was off $5/cwt. from the prior week to average $361.52/cwt. Sterling’s estimate for last week’s capacity utilization in fed plants continued to hover around 82%.

View the full Sterling Beef Profit Tracker for the week ending Dec. 13.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Beef Profit Tracker: Packer Margins Improve to $161.36/head

Wed, 10 Dec 2025 12:27:50 GMT

Beef packer margins continued to improve last week and with Sterling estimating a margin of $161.36/head. It is important to note that Sterling uses the prior week’s priced cattle to be slaughtered in the current week, so cattle priced at $209.78/cwt. during the week of Nov. 29 were slaughtered during the week of Dec. 6. Therefore, the margin was better than would be expected with last week’s average 5-Area Direct steer price at $221.06/cwt. against the Comprehensive Cutout at $366.40/cwt. last week.

Plant capacity utilization was markedly improved last week over Thanksgiving week as would be expected and estimated by Sterling at 81.5% for fed cattle plants and 72% for cow plants. Feeding margins were also greatly improved last week and averaged $109.82/head.

View the full Sterling Beef Profit Tracker for the week ending Dec. 6.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Beef Profit Tracker: Packer Margins Highest Since Aug. '22, Feedlot Margins Lowest Since April '24

Wed, 03 Dec 2025 15:07:28 GMT

There was a shift in margins across the red meat industry last week. As the bids for slaughter cattle continued to weaken, packers saw the highest weekly margin since August 2022 with Sterling’s estimated margin averaging $87.48/head while feedlot margins saw red ink.

Sterling’s estimate of feedlot margins for last week was -$15.42/head and the lowest since April 2024 against an estimated breakeven of $211/cwt. 5-Area Choice steers averaged $209.78/cwt. while the Comprehensive Cutout averaged $370.27/cwt for the week.

View the full Sterling Beef Profit Tracker for the week ending Nov. 29.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Beef Profit Tracker: Choice Steer Bids Continue to Weaken

Tue, 25 Nov 2025 15:25:49 GMT

There has been a notable shift in margins as Choice steer bids continued to weaken. While it may seem to be a reasonable explanation, Tyson’s announced closure of their Lexington, Neb., plant is the reason for the drop in Choice steer prices.

That announcement came late on Friday afternoon, prices were weaker early last week. The market simply does not work in that manner and that there is still excess packer capacity with that plant closure.

At any rate, Sterling’s estimate of last week’s average packer margin was -$8/head or breakeven while the average feedlot margin fell to $148.73 per head compared to $264.41 per head the previous week.

The 5-Area Steer price averaged $216.87/cwt. last week and down nearly $8/cwt. from the prior week.

View the full Sterling Beef Profit Tracker for the week ending Nov. 22.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Beef Profit Tracker: Choice Steer Prices Fall

Wed, 19 Nov 2025 19:09:46 GMT

Choice steer prices were down $4/cwt. last week leaving the weekly average for 5-Area Direct Choice steers at $224.33/cwt.

The lower bids for slaughter cattle led to a nearly $150/head drop from the prior week in Sterling’s estimated feedlot margin for week with the average for the week at $264/head.

Packer margins were nearly unchanged from the prior week with an estimated average loss of $40.66/head for the week. The Comprehensive Beef Cutout averaged $375/cwt.

View the full Sterling Beef Profit Tracker for the week ending Nov. 15.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Beef Profit Tracker: Packer Margins Significantly Improve

Thu, 13 Nov 2025 20:08:49 GMT

Though still showing red ink, packer margins were significantly improved last week with Sterling estimates at -$44.53/head compared to - $170.25/head the prior week.

The Comprehensive Beef Cutout averaged $377.86/cwt. for the week compared to $376.26/cwt. a week earlier while the week’s average for 5-Area Direct Steers was $228.42/cwt. and down $2/cwt. from the prior week.

Sterling’s estimate for last week’s feedlot margins was $413/head. Last week’s break-even for closeouts was lower as feeder prices when those cattle were placed in April was lower.

View the full Sterling Beef Profit Tracker for the week ending Nov. 8.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)