# Cow-calf profit per head in Indiana

> Indiana cow-calf operators averaged approximately $165 in net cash income per cow in 2024, but once unpaid labor and capital charges are included, total economic profit runs near -$95 per cow, typical of Corn Belt forage-limited herds.

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

## Key Figures

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

## Detail

Indiana cow-calf producers are riding one of the strongest calf markets on record. Purdue's 2024 enterprise budget pegs gross revenue near $1,120 per cow, reflecting 550 lb weaned steer calves priced around $340/cwt at Indiana auction barns and a weaning rate of 88%. That revenue figure is roughly $200 per cow above the 2014-2023 average and is the single largest driver of the state's improved cash margins.

Cost structure is where Indiana diverges from Plains cow-calf country. USDA ERS Corn Belt cow-calf data show cash costs averaging near $955 per cow, dominated by feed (hay, supplement, and stockpiled fescue grazing) and pasture charges. Because Indiana pasture competes directly with corn and soybean ground, implicit land costs run high; Purdue's budget assigns $180-$250 per acre in cash rent equivalent, roughly double typical Kansas Flint Hills rates. Net cash income lands near $165 per cow in 2024.

Once non-cash costs are layered in, the picture tightens. Purdue and USDA ERS both allocate about $260 per cow to unpaid operator labor, machinery depreciation, and a capital charge on the cow herd. That pulls total economic profit to roughly -$95 per cow, meaning the typical Indiana herd is covering cash bills and rewarding the operator's labor only partially. The Indiana Beef Cattle Association notes this is still the best economic result for the state's cow-calf sector in nearly a decade, but herds remain under pressure to either expand forage efficiency or capture direct-to-consumer premiums to close the gap to positive economic profit.

## Frequently Asked Questions

### Why is Indiana cow-calf profit lower than Plains states?

Indiana pasture is expensive relative to Kansas or Nebraska because cropland competes for every acre. Cash rents of $180-$250 per acre push forage costs higher, compressing margins even when calf prices are strong.

### What weaning percentage is assumed for an Indiana herd?

Purdue Extension cow-calf budgets assume an 88% weaning rate and a 550 lb average weaning weight, reflecting typical spring-calving Angus-cross herds on fescue and mixed pasture in southern and central Indiana.

### How do 2024-2025 calf prices change the picture?

CME feeder cattle futures above $250/cwt and 550 lb steer calves trading near $340/cwt at Indiana auctions lifted gross revenue roughly $200 per cow above the 10-year average, turning many operations cash-positive for the first time since 2015.

## Sources

1. USDA ERS Commodity Costs and Returns: Cow-Calf Production, Corn Belt region (2024) — https://www.ers.usda.gov/data-products/commodity-costs-and-returns/
2. Purdue University Center for Commercial Agriculture, Indiana Cow-Calf Enterprise Budget (2024) — https://ag.purdue.edu/commercialag/home/resource/2024/01/indiana-farm-custom-rates-and-cow-calf-budgets/
3. Indiana Beef Cattle Association Producer Outlook (2024) — https://www.indianabeef.org/

---

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