1. When to Market Cows and Bulls Represent 15-20% of Cow-calf income Prices are seasonal Body condition affects price Markets are cyclical Opportunities exist to increase income

2. Seasonal Cow Prices (1989-2003)

3. Cull Cow Marketing Consider: Feeding Young Cows in Feedlot Overwintering cull cows on roughage and cheap grain(high moisture or low test weight) Early weaning at 3-4 months(creep feed)

4. Cow Price as a % of Fed Steer Price

5. Cow Price as % of Fed Steer Price Twenty Year Average=63.5% Range of 73%(1975) to 52%(1996) Variation due to lower values of trimmings along with Chuck and Round

6. Cow Price as % of Fed Steer Price Next 2-3 Years Expect: 65-67% of fed steer price $3-4/cwt per year

7. What to Expect in Prices Canadian BSE-closed border Over 90% of Canadian Cows and Bulls shipped to US for processing Little Processing Capacity in Canada Cow prices currently $6-10 per CWT Building inventory Selling Heifers-can be exported in wholesale cuts Retaining Cows

8. What to Expect in Prices Will the Canadian border stay closed?? Major impact on prices of lean beef Some project cows and bulls who born prior to 1997 feeding ban will never cross border Canada has million beef cow Canada has million dairy cows Canada has million beef heifer Canada has million dairy heifers

9. Opportunity for higher cow prices with rising fed cattle prices. Presents the opportunity to: 1. Cull older cows 2. Replace cows with heifer 3. Build inventory for times of high price for cows 4. Are we at the high ?

10. When to Market Cows and Bulls Conclusions: We have high cow prices High Grain prices shorten feeding periods for young cattle Leaner cattle may lower demand for lean beef from cows Canadian cows and product will affect market Opening of US Export Markets for liver,tongue, tripe, and hides will have positive affect on cow pricescurrently building inventory

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