# Cow-calf profit per head in California

> California cow-calf operators averaged about $165 net cash income per bred cow in 2024, but once pasture, labor, and capital opportunity costs are counted, total economic profit runs near -$95 per head.

**Headline:** $165 net cash income per cow; roughly -$95 total economic profit per cow

## Key Figures

| Metric | Value |
| --- | --- |
| Gross revenue per cow (calf + cull) | $1,120 |
| Cash costs per cow | $955 |
| Non-cash costs (depreciation, opportunity) | $260 |
| Net cash income per cow | $165 |
| Total economic profit per cow | -$95 |

## Detail

Feeder calf prices in 2024 were the strongest in a decade, with CME feeder cattle futures averaging near $2.50/lb and California auction barns reporting 500-600 lb steer calves at $2.90-$3.20/lb per the California Cattlemen's Association market reports. Applied to the UC ANR benchmark of a 550 lb weaned steer, gross calf revenue lands near $1,600 per calf sold, but because UC ANR budgets assume an 88% weaning rate and include a cull-cow credit blended across the breeding herd, gross revenue per exposed cow settles closer to $1,120.

USDA ERS Commodity Costs and Returns for the Pacific region put cash costs for cow-calf producers at roughly $950-$960 per bred cow in 2024, dominated by feed (purchased hay and leased pasture at $18-25/AUM). That leaves net cash income of about $165 per cow — positive, but thin relative to the capital tied up in breeding females currently valued at $2,200-$2,600 per head.

Once USDA ERS non-cash charges are added — depreciation on the cowherd and opportunity cost on land, labor, and capital totaling roughly $260 per cow — total economic profit swings to approximately -$95 per cow. UC ANR's Sample Costs studies corroborate the pattern: California's lease rates and hauled hay during drought cycles push the state's cost structure 15-20% above the Western regional average, so even in a record calf-price year most California cow-calf operations cover cash costs and operator draw but do not fully cover the economic cost of the land and breeding herd.

## Frequently Asked Questions

### Why is California cow-calf profit lower than the US average despite strong calf prices?

California's leased rangeland rates ($18-25/AUM on private ground) and hauled-in hay during drought years push cash costs 15-20% above the Western region average tracked by USDA ERS.

### How many pounds does a California weaned calf typically sell at?

UC ANR cow-calf budgets assume a 550 lb steer calf and an 88% weaning rate, with 2024-2025 CME feeder futures translating to roughly $2.90-$3.20/lb at the sale barn.

### What single cost line moves California profit the most?

Feed (purchased hay plus leased pasture) is 55-60% of cash costs per UC ANR Sample Costs studies, so a $20/ton hay swing alone shifts net income by $40-60 per cow.

## Sources

1. USDA ERS Commodity Costs and Returns, Cow-Calf (Basin & Range / Pacific) (2024) — https://www.ers.usda.gov/data-products/commodity-costs-and-returns
2. UC ANR Sample Costs to Run a Cow-Calf Operation, Intermountain / Sacramento Valley (2023) — https://coststudies.ucdavis.edu/en/current/commodity/beef-cattle/
3. California Cattlemen's Association Market Report (2024) — https://calcattlemen.org/

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Source: Vellum — https://vellum.app/cow-calf-profit-per-head/california