Cow-calf profit per head in Wisconsin

Wisconsin cow-calf producers are seeing historically strong returns in 2025, driven by feeder calf prices near $300/cwt for 500-pound steers, according to USDA ERS Commodity Costs and Returns data. With an assumed 88-90% weaning rate from UW-Madison Extension budgets, gross revenue per exposed cow lands around $1,345, roughly 20% above the five-year average.

The state's cost structure is defined by its long winter. UW-Madison Extension cow-calf enterprise budgets show Wisconsin operators feeding stored forage for 150+ days per year, pushing cash costs to approximately $1,180 per cow - well above Great Plains benchmarks. Feed, hay, and bedding alone account for the majority of that figure, with pasture rent and veterinary costs making up most of the remainder.

After subtracting $260 in non-cash costs (unpaid operator labor, depreciation on equipment and breeding stock, and land opportunity cost) per the USDA ERS methodology, net cash income averages $165 per cow while total economic profit sits near -$95 per cow. This gap between cash and economic returns is typical of Upper Midwest cow-calf operations and explains why most Wisconsin herds remain diversified with dairy, cash grain, or off-farm income, as documented by the Wisconsin Cattlemen's Association.