WASHINGTON, DC – Livestock producers faced worsening feed-price relationships in September as weaker animal prices collided with higher feed costs across cattle, hog and dairy operations.
USDA says the hog-corn ratio fell to 13.5 from 19.3 a year earlier. The milk-feed ratio dropped to 1.90 from 2.40, while the steer and heifer-corn ratio declined to 47.0 from 60.3.
The deterioration reflects lower livestock prices and higher feed values. September hog prices averaged $64.80 per hundredweight, down $12.40 from last year, while beef cattle averaged $223, down $15. Milk averaged $19.50, down 90 cents.
At the same time, USDA says the feed-cost index was 11% above September 2025 as complete feeds, concentrates, feed grains and supplements increased.
Lower feed-price ratios do not directly measure profitability, but they signal reduced purchasing power for livestock producers buying feed.
Farm-Level Takeaway: Lower livestock prices and higher feed costs are tightening the economic relationship between animal values and feed expenses.