Cow-calf profit per head in Kansas

Kansas cow-calf returns turned sharply higher in 2024 as the US beef cow herd fell to its lowest level since 1961, driving 550 lb steer calf prices above $3.00/lb at Kansas auction markets. USDA ERS Heartland Region cow-calf budgets put gross value of production near $1,185 per bred cow, a gain of more than $250 per head over 2022 levels, and the primary reason net cash income swung back into solidly positive territory.

Kansas State University's MF-266 budget assumes an 88-90% weaned calf crop with 525-550 lb average weaning weights on Flint Hills and mixed-grass pasture. That weaning percentage is the single biggest lever in the budget — a five point swing in calves weaned per cow exposed moves revenue by roughly $150 per cow at current prices, which is larger than any realistic cut to feed or labor costs.

The state's cost structure is dominated by pasture and harvested feed. KSU's 2024 budget shows cash costs near $1,020 per cow, with Flint Hills grazing leases of $38-$55 per AUM and winter hay plus supplement running $180-$220 per cow. Adding non-cash charges for unpaid operator labor, depreciation, and land (roughly $220 per cow in the ERS Heartland series) pushes total economic cost above gross revenue, leaving full economic profit slightly negative even in a historically strong price year — the reason herd rebuilding in Kansas has been slow despite record calf checks.