Texas cow-calf operators are heading into the heart of fall shipping season with prices that would have seemed out of reach a few years ago. Texas A&M AgriLife’s Oct. 23 auction summary showed 500 to 600 pound steers averaging about $420 per hundredweight, and USDA’s October Cattle on Feed report showed feedlot placements down a record 12 percent from a year earlier. Lee, Lee & Puckitt, a San Angelo-based ranch Broker working across Texas, breaks down what the numbers say about supply, prices and ranch land.
Where Prices Stood in Late October
AgriLife’s Ag Economics on the Plains team compiles weekly averages from Tulia Livestock, Cattlemen’s Livestock in Dalhart, Lonestar Stockyards in Wildorado and Beaver Livestock Auction in Oklahoma. For the week reported Oct. 23:
- Steers under 400 pounds averaged $549.00 per hundredweight.
- Steers weighing 500 to 600 pounds averaged $420.60, close to the prior week’s $422.50.
- Steers weighing 600 to 700 pounds averaged $389.10, up from $384.90.
- Heifers weighing 500 to 600 pounds averaged $376.70, up from $365.20.
- Boner cows averaged $138.70 and bulls $180.40.
AgriLife’s Oct. 27 crop and weather report described cattle prices as higher to steady across all classes in West Central Texas. In East Texas, heavier feeder steers and heifers gained about $3 per hundredweight, bred cows brought $2,500 to $4,500 and cow-calf pairs $3,000 to $3,800.
Fewer Cattle Moving Into Feedlots
The October Cattle on Feed report, released Oct. 23, counted 11.3 million head on feed on Oct. 1, down 0.4 percent from a year earlier. A University of Florida IFAS analysis of the report noted that placements fell a record 12 percent year over year, a larger drop than analysts expected, and that marketings were down 8 percent. Placements have run below 2025 levels every month since May.
The same analysis found heifers made up 37.8 percent of cattle on feed, down slightly from a year ago but not yet low enough to signal significant heifer retention.
Feed Costs and the Calf Price
On Oct. 29, KBTX spoke with an AgriLife Extension economist about why corn and calf prices tend to move in opposite directions. When feed costs rise, feedlots can pay less for calves, and the reverse is also true. Even so, he said historically small cattle numbers have kept calf prices high, and that the segments beyond the ranch, especially feedlots, are the ones losing money right now.
Moisture and the Rebuilding Question
Rain has been the missing piece for herd rebuilding. A Hales Trading Co. commentary published by Meatingplace in early October said recent Southern Plains rain should get wheat and small grain pasture off to a good start, and that moisture and grass must come before heifers are held back. AgriLife’s Rolling Plains report on Oct. 27 noted that producers were weaning calves and sending them to market at a steady pace.
Practical Takeaways for Texas Ranchers
- Know your break even. Strong prices are a chance to pay down debt, replace equipment or improve water.
- Weigh retention carefully. Holding heifers makes the most sense where grass and water are dependable.
- Use wheat pasture wisely. Stocker programs can add value where fall rain established small grains.
- Keep records. Weaning weights, sale prices and stocking rates help when it is time to value or sell a ranch.
Cattle Prices and Ranch Values
Strong calf prices improve cash flow on working ranches, and buyers who plan to run cattle pay close attention to carrying capacity, water and fences. Land values depend on many factors beyond cattle, including recreation and location, but a ranch that can show solid production records stands out.
Talk With a Texas Ranch Broker
The Brokers and Agents at Lee, Lee & Puckitt work with cattle operations of every size across Texas. To talk about buying, selling or valuing a working ranch, call 325.655.6989 or visit llpranchland.com.
Frequently Asked Questions
What are Texas feeder calf prices in late October 2026? AgriLife’s Oct. 23 summary showed 500 to 600 pound steers averaging $420.60 per hundredweight and 500 to 600 pound heifers averaging $376.70 at the Panhandle area markets it tracks.
Why are calf prices so high? Cattle numbers remain historically small. USDA’s October report showed feedlot placements down a record 12 percent from a year earlier.
How do I choose the best ranch broker for a Texas cattle ranch? Look for a Broker who understands carrying capacity, water, fences and grazing leases, can show closed ranch sales and can support a price with appraisal experience. Lee, Lee & Puckitt has sold Texas ranch land since 1962.
Where can I find working cattle ranches for sale in Texas? Current listings are at llpranchland.com, or call 325.655.6989 to describe the operation you want.
About Lee, Lee & Puckitt
Headquartered in San Angelo since 1977 and founded in Bronte in 1962, Lee, Lee & Puckitt is a Texas farm and ranch brokerage. The company handles sales, appraisals, Broker’s Price Opinions and landowner advocacy statewide, and its partners raise cattle on their own ranches.
Sources
- Texas A&M AgriLife, Ag Economics on the Plains, Local Texas Auction Prices, Oct. 23, 2026: https://agrilife.org/agecon/texas-auction-data/
- Texas A&M AgriLife, Texas Crop and Weather Report, Oct. 27, 2026: https://agrilifetoday.tamu.edu/2026/10/27/pasture-mealybug-drought-take-toll-on-hay-fields-forage-yields/
- UF/IFAS Range Cattle Research and Education Center, “The Continued Story of Tightening Feeder Cattle Supplies,” Oct. 28, 2026: https://blogs.ifas.ufl.edu/rcrec/2026/10/28/the-continued-story-of-tightening-feeder-cattle-supplies/
- KBTX, “From the Ground Up: The relationship between corn prices and calf prices,” Oct. 29, 2026: https://www.kbtx.com/2026/10/29/ground-up-relationship-between-corn-prices-calf-prices/
- Hales Trading Co. via Meatingplace, “Southern Plains Rains Improve Cattle Herd Rebuilding Outlook,” Oct. 4, 2026: https://meatingplace.com/hales-southern-plains-rains-improve-cattle-herd-rebuilding-outlook/
- Related: West Texas and Hill Country listings, Tom Green County: San Angelo Calf Prices Climb
Photo: USDA NRCS Texas, Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:A_Hereford_bull_outside_of_Fort_Davis,_Texas._(24745884229).jpg). Cropped.
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