Over the last two months, by-product values for steers, cows, and hogs have been trending generally lower, according to the Livestock Marketing Information Center (LMIC).

The steer hide and offal value started off 2023 around $14.00/cwt. and moved below $13.00/cwt. by the end of June. In July, the steer hide and offal value began to trend higher, reaching about $13.70/cwt. by late-September. LMIC says the value has moderated lower over the last two months. During the second week of December, steer hide and offal value was $11.89/cwt., down $2.43/cwt., or 17%, from the same week last year. Recent lower trend in the steer hide and offal value is due to lower values for livers (down 30%), tripe (down 16%), tongues (down 32%), and tallow (down 31%).

According to LMIC, cow by-product value during 2023 has tracked below 2022 levels except for a few weeks in April and May. The highest value for the year was $13.94/cwt. in mid-October. Since then, the cow by-product value has moved lower. During the second week of December, cow by-product value was $12.54/cwt., a decrease of $1.40/cwt., or 11%, over the last two months. LMIC says the lower cow by-product value is due to lower values for bonemeal, which was $376/cwt. last week, compared to $443/cwt. in early October. Over the last two months, values for scalded tripe have fallen 24% while the value for honeycomb tripe was down 42%. Since early October, the value for bonemeal has fallen 43%, LMIC adds.

Hog by-product value remained relatively flat from April through September with values ranging from $5.15-$5.38/cwt., averaging $5.26/cwt., LMIC reports. During October, the hog by-product value increased from $5.20/cwt. at the start of the month to $5.37/cwt. by the end of the month. The hog by-product value continued to move higher during November, and by the end of the month, the value had reached $5.54/cwt., which LMIC says is the highest value since late January. Over the last three weeks, however, the hog by-product value has fallen 25 cents/cwt. (down 4.5%).

LMIC says the value of bonemeal has been a factor pressuring the hog by-product lower as those values have gone from $450/cwt. in November to $364/cwt. in December, a decline of 19% in less than five weeks.