Beef Prices
MDC2 - Cattle steer ddwt R3 mp EU
Month-on-month Change
Year-on-year Change
CattleFax 6-State Fed Steer Price
Month-on-month Change
Year-on-year Change
In June, EU beef prices declined by 0.57% compared to the previous month, settling at €7,128.86 per metric ton.
Industry processors cited weakening market returns as the primary driver behind the price dip, a development that has tempered earlier optimism among cattle finishers. Additionally, subdued demand, partly due to historically high prices, contributed to a bearish market sentiment throughout the month.
Despite the monthly decline, beef prices remained stable on a year-over-year basis, indicating underlying resilience in the broader market.
The price of live cattle in the US increased by 4.6% month-over-month in June 2025 to a record $2.35/lbs, up by 22.9% y-o-y.
The pace of cattle slaughter remained below year-ago levels, falling by 6.4% YTD through June 21. The average dressed steer weight as of June 14 was 931 lbs, up by 14 lbs y-o-y but 2 lbs lower week-over-week, according to the US Department of Agriculture (USDA).
The USDA adjusted estimated 2025 beef production downward by less than 1% from last month's forecast to 26.358 billion lbs. This was based on actual and estimated slaughter data from April. A slower pace of cow slaughter is anticipated to offset a slight anticipated increase in carcass weights.
Price Drivers
↓ Logistics
The shipping 40ft container composite index increased by 46.5% m-o-m to $3,332.8 per unit in June.
However, it is worth noting the high volatility of the index, as in the first half of June, the index grew dynamically against the backdrop of a surge in demand for transportation from Asia to the US. Nevertheless, in the second half of the month, carriers quickly optimized their capacities and were able to balance the market, after which container freight rates began to decline again.
↑ Energy Prices
The Brent crude oil price increased by 9.2% month-on-month in June to $63.73/barrel, representing a 15.7% y-o-y fall.
In June, crude oil prices rose due to escalating tensions in the Middle East, specifically missile strikes between Israel and Iran.
Players in the crude oil market were concerned throughout the month about supply disruption, especially following the use of ‘bunker buster’ bombs by the US on Iran.
↓ Feed Costs
Feed grains are a significant component of livestock production costs. As a result, any price increase in maize (corn) and wheat could push prices of animal protein upward.
EU wheat prices declined following rising production forecasts and weak export demand. Favorable weather boosted yield projections, while a stronger euro and stiff competition from Russian wheat reduced global competitiveness. Surplus supply and subdued trade activity pressured prices throughout the month.
↑ Currency Exchange Rates
In May 2025, the USD rose against the EUR, increasing by 0.83% m-o-m but falling 3.61% year-on-year.
The US dollar was supported by safe-haven demand and relative economic resilience. Despite US fiscal concerns, ongoing Eurozone headwinds and cautious ECB policy signals weighed on the euro, reinforcing the dollar’s strength through the month.
Market Sentiment
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