# Cow-calf profit per head in Minnesota

> Minnesota cow-calf operations averaged roughly $165 in net cash income per cow in 2024, with strong calf prices lifting gross revenue near $1,450/cow while feed and pasture costs kept total economic profit closer to breakeven.

**Headline:** $165 net cash income per cow (2024)

## Key Figures

| Metric | Value |
| --- | --- |
| Gross revenue per cow | $1,450 |
| Cash costs per cow | $1,285 |
| Non-cash costs (depreciation, labor, land charge) | $430 |
| Net cash income per cow | $165 |
| Total economic profit per cow | -$265 |

## Detail

Minnesota cow-calf producers finished 2024 with net cash income near $165 per cow, the strongest result in more than a decade, driven by record feeder calf prices. USDA ERS regional cow-calf cost-and-return estimates show gross value of production for the Heartland region approaching $1,450 per bred cow, a level unmatched since the 2014-2015 cycle.

University of Minnesota Extension's 2024 cow-calf enterprise budget assumes an 88-92% weaning rate on 550-575 lb calves, with fall auction prices for 500-600 lb steers ranging $2.80-$3.10 per pound across Minnesota sale barns. At those weights and prices, a calf crop grosses roughly $1,575 per exposed cow before cull cow revenue, though realized revenue per cow settles lower once open and death-loss cows are factored in.

Minnesota's cost structure is dominated by 5-6 months of stored forage feeding, pushing cash costs to about $1,285 per cow per the Extension budget, higher than Southern Plains benchmarks but offset by cheaper corn residue grazing and lower pasture cash rents than Iowa or Illinois. Once non-cash charges for depreciation, unpaid operator labor, and a land opportunity charge (~$430/cow) are layered in, total economic profit per USDA ERS methodology remains negative at roughly -$265/cow, meaning Minnesota operations are cash-profitable in 2024 but still under-earning a full economic return on equity.

## Frequently Asked Questions

### What weaning percentage do Minnesota cow-calf budgets assume?

University of Minnesota Extension budgets assume an 88-92% weaning rate, with weaned calves averaging 550-575 lb at weaning in fall.

### Why are Minnesota cow-calf returns different from Southern Plains states?

Minnesota herds face higher winter feed costs (5-6 months of stored forage) but benefit from abundant corn residue and lower pasture rents than the Corn Belt core.

### What calf price drove 2024 Minnesota profitability?

2024 500-600 lb steer calves in Minnesota auctions averaged $2.80-$3.10/lb, the highest nominal prices on record per USDA AMS reports.

## Sources

1. USDA ERS Commodity Costs and Returns: Cow-Calf, U.S. and Regional (2024) — https://www.ers.usda.gov/data-products/commodity-costs-and-returns/
2. University of Minnesota Extension, Beef Cow-Calf Enterprise Budget (2024) — https://extension.umn.edu/beef-nutrition/beef-cow-calf-enterprise-budget
3. Minnesota State Cattlemen's Association Market Reports (2024) — https://www.mnsca.org/

---

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