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Montana Live-Ring Auction Trends — Billings Price Data, 2023–2026
The four-year price record from Billings, Montana’s two major live-ring auction houses — Public Auction Yards (PAYS) and Billings Livestock Commission (BLS): monthly volumes by yard, feeder and slaughter prices by weight class, bred-cattle records, and sale-by-sale commentary. Part of Montana Cattle Auction Trends; video auctions are covered separately at Montana Video Auction Trends.
⇩ Download the data: BLS & PAYS live auctions 2023–2026 + 2026 video auctions (Excel)
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The weekly forecast is free and the data is open either way. The workbook covers this whole page plus the 2026 video season — 12 worksheets, live ring January 2023 – August 19, 2026.
Billings live-ring prices rose roughly 65% to more than 130% between January 2023 and January 2026, depending on class and reporting method — PAYS 550–649 lb steers +71%, the matching heifers +92%, cull-cow tops +96%, and the BLS blended steer midpoint +133% — against a backdrop of contracting national supply. This page carries the month-by-month volumes broken out by yard, four-year price records by weight class, slaughter classes, bred-cattle records, and sale-by-sale commentary through the early-July 2026 marketing window.
- What is the herd doing? — Montana beef cow inventory
- How much volume is moving? — monthly Billings volume, PAYS and BLS broken out
- What are steers bringing by weight?
- What are heifers bringing by weight?
- What are cull cows bringing?
- What are slaughter bulls bringing?
- What did bred females top at?
- Sale-by-sale commentary, February–July 2026
- Eight insights from the record
- Download the underlying data
- Review the methodology
Table 1. Montana Beef Cow Inventory, 2024–2026
Source: USDA NASS Cattle Inventory Reports · Data through January 2025 actual; 2026 figure is a range estimate
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| Year | Beef cow inventory (head) | YoY change | Direction |
|---|---|---|---|
| 2024 (Jan 1) | 1,235,000 | — | baseline |
| 2025 (Jan 1) | 1,250,000 | +1.0% | ▲ growth (rare nationally) |
| 2026 (est.) | 1,231,500 * | −1.5% | ▼ mild contraction |
* Midpoint of NASS estimate range 1,225,000–1,238,000. Montana was one of the few states with herd growth in 2025; preliminary 2026 figures suggest mild contraction aligning with the national trend. Montana ranks 13th among U.S. states by beef cow inventory.
Table 2. Monthly Volume of Cattle Sold at Billings Auctions — PAYS vs. BLS, 2023–2026
Source: USDA AMS Reports 1774/1776 (PAYS) and 1775/1777 (BLS) · Data through August 19, 2026 — March–August 2026 figures reflect published sale reports as they become available; PAYS resumed regular sales in August after its spring–summer pause on Friday feeder specials
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| Month | 2023 | 2024 | 2025 | 2026 | 2026 vs 2025 |
|---|---|---|---|---|---|
| January | 23,89217,087 PAYS · 6,805 BLS | 19,0709,859 PAYS · 9,211 BLS | 19,42510,386 PAYS · 9,039 BLS | 20,0229,667 PAYS · 10,355 BLS | +3.1% ▲ |
| February (est.) | ~10,000~6,800 PAYS · ~3,200 BLS | ~9,600~5,500 PAYS · ~4,100 BLS | ~11,200~6,700 PAYS · ~4,500 BLS | 9,6546,319 PAYS · 3,335 BLS | −13.8% ▼ |
| March (BLS only) | — | ~8,200 | ~10,500 | 3,613 | −65.6% ▼ |
| April (BLS only) | — | ~18,500 | ~19,800 | 9,410 | −52.5% ▼ |
| May (BLS only) | — | — | — | 6,175 | — |
| June (BLS only) | — | — | — | 4,031 | — |
| July (BLS only) | — | — | — | 2,156 | — |
| August (partial, PAYS resumed) | — | — | — | 2,7981,764 PAYS · 1,034 BLS | — |
| Tracked Jan–Aug 19, 2026 | — | — | — | 57,859 | — |
2026 monthly totals for March–August are single-yard or two-yard sums built from individual sale reports: April = Apr 2 (5,059) + Apr 9 (779) + Apr 23 (1,011) + Apr 30 (2,561) hd, all BLS. May = May 7 (1,674) + May 14 (1,125) + May 21 (1,377) + May 28 (1,999) hd, all BLS. June = June 4 (879) + June 11 (2,460) + June 18 (692) hd, all BLS. July = July 9 (1,219) + July 23 Summertime Classic Feeder Special (937) hd, all BLS. August-to-date = BLS’s Aug 13 Montana Fair Special (1,034 hd) plus PAYS’s Aug 5 (697 hd) and Aug 19 (1,067 hd) sales — PAYS’s first regular sales since its February 27 Friday feeder special (4,034 hd); PAYS feeder specials themselves are expected to resume in fall. Prior-year (2023–2025) month-by-month totals are not shown for March–August because a comparable yard-by-yard series for those months has not been assembled; only 2026 is tracked at this granularity so far. 2023 figures begin in January of that year, so no January–August comparison is available for 2023. PAYS January throughput has declined as the national cow herd contracts while BLS has grown its share through marquee Feeder Specials.
Table 3. Feeder Steer Prices by Weight Class ($/cwt), 2023–2026
Source: USDA AMS Reports 1776/1777 plus individual PAYS transaction records · PAYS figures are volume-weighted averages, BLS figures are range midpoints · Covers January–February 2023–2026, plus 2026 spring–summer (see statewide rows below) · February 2023–2025 PAYS figures are Feeder Special price ranges as reported; February 2026 is a computed weighted average
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| Weight class / month | 2023 | 2024 | 2025 | 2026 | 2023→2026 trend |
|---|---|---|---|---|---|
| PAYS 550–649 lb steers ($/cwt) | |||||
| January — wtd avg | $267.08 | $318.11 | $335.76 | $457.49 | |
| February — range / wtd avg | $218–$237 | $295–$335 | $335–$359 | $499 wtd avg | |
| PAYS 650–749 lb steers ($/cwt) | |||||
| January — wtd avg | $243.03 | $294.17 | $304.49 | $401.75 | |
| February — range | ~$210–$225 | ~$270–$300 | ~$315–$340 | ~$455–$475 | |
| PAYS 750–849 lb steers ($/cwt) | |||||
| January — wtd avg | $210.29 | $265.98 | $269.62 | $379.16 | |
| February — range | ~$188–$205 | ~$248–$268 | ~$295–$318 | ~$415–$435 | |
| BLS steer midpoint ($/cwt) — all weight classes blended | |||||
| January | $213.00 | $293.00 | $375.50 | $495.25 | |
| February | ~$215–$235 | ~$290–$330 | ~$330–$355 | $480.81 | |
| 2026 spring–summer — statewide steers (AMS #1778 weekly, weeks of Jun 22 – Aug 24; Billings feeder specials paused) | |||||
| 550–649 lb — wtd avg | — | — | — | $398–$484 (~$436) | statewide weekly |
| 750–849 lb — wtd avg | — | — | — | $347–$371 (~$356) | statewide weekly |
| PAYS 550–649 lb, 3-yr Jan change | $267 → $457 | +$190 (+71%) ▲ | |||
Notable: In 2026, February steer prices on the 550–649 lb class ($499 wtd avg) exceeded January ($457) — an unusual February premium driven by exceptional grass-lease demand and severely constrained supply. In every prior year, February ran modestly below January.
Table 4. Feeder Heifer Prices by Weight Class ($/cwt), 2023–2026
Source: USDA AMS Reports 1776/1777 plus individual PAYS transaction records · PAYS figures are volume-weighted averages, BLS figures are range midpoints · Heifer-to-steer spread has compressed from roughly $50/cwt in 2023 to near-parity on some classes in 2026 · Current-season line updated through the statewide AMS #1778 weekly summary of July 2, 2026
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| Weight class / month | 2023 | 2024 | 2025 | 2026 | 2023→2026 trend |
|---|---|---|---|---|---|
| PAYS 550–649 lb heifers ($/cwt) | |||||
| January — wtd avg | $217.47 | $290.92 | $306.30 | $418.31 | |
| February — range / wtd avg | $201–$221 | $265–$305 | $287–$330 | $450 wtd avg | |
| PAYS 650–749 lb heifers ($/cwt) | |||||
| January — wtd avg | $203.89 | $262.61 | $279.14 | $376.80 | |
| February — range | ~$188–$210 | ~$242–$265 | ~$260–$285 | ~$405–$425 | |
| BLS heifer midpoint ($/cwt) — all weight classes blended | |||||
| January | $183.00 | $268.50 | $332.00 | $477.50 | |
| February | ~$191–$215 | ~$251–$280 | ~$292–$318 | $452.68 | |
| 2026 spring–summer — statewide heifers (AMS #1778 weekly, weeks of Jun 22 – Aug 24; Billings feeder specials paused) | |||||
| 550–649 lb — wtd avg | — | — | — | $331–$413 (~$381) | statewide weekly |
| 650–749 lb — wtd avg | — | — | — | $342–$365 (~$359) | statewide weekly |
| 750–849 lb — wtd avg | — | — | — | $313–$351 (~$329) | statewide weekly |
| PAYS 550–649 lb, 3-yr Jan change | $217 → $418 | +$201 (+92%) ▲ | |||
Heifer appreciation has outpaced steers on a percentage basis every year — replacement demand compresses the heifer discount as producers retain females. The +92% three-year gain on 550–649 lb heifers tops the +71% steer gain on the same weight class. Into the summer off-season, statewide 550–649 lb heifers (AMS #1778 weekly) ran about $384–$413/cwt in late June–early July 2026 — roughly $40–$70/cwt under same-week 550–649 steers ($440–$484) — with both Billings yards’ feeder specials on seasonal pause.
Table 5. Cull Cow Prices by Lean Class ($/cwt), 2023–2026
Source: USDA AMS Reports 1776/1777 · The low end of the 2026 range matches the top end from 2023 — the entire distribution has shifted up by over $90/cwt
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| Source / month | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| PAYS cow range ($/cwt) | ||||
| January | $60.50–$93.50 | $81–$116 | $117–$153 | $153–$189 |
| February | ~$62–$96 | ~$83–$118 | ~$120–$157 | ~$155–$193 |
| BLS cow range ($/cwt) | ||||
| January | $60–$92 | $90.50–$108.50 | $111–$150.25 | $149–$180 |
| February | ~$62–$94 | ~$92–$110 | ~$113–$153 | ~$150–$183 |
| 2026 YTD detail by lean class (BLS, midpoint) | ||||
| Breaker 75–80% lean | 2026 YTD midpoint $178 ($153–$202) | |||
| Boner 80–85% lean | 2026 YTD midpoint $166 ($157–$175) | |||
| Lean 85–90% lean | 2026 YTD midpoint $145 ($128–$161) | |||
| 2026 spring–summer — statewide cull cows (AMS #1778 weekly, weeks of Jul 20 – Aug 24) | ||||
| Breaker 75–80% lean | statewide weekly ~$171 ($145–$183) | |||
| Boner 80–85% lean | statewide weekly ~$170 ($118–$191) | |||
| Lean 85–90% lean | statewide weekly ~$153 ($105–$183) | |||
March 2026 cow tops reached $202/cwt — packer competition with feeding-bull and Canadian buyers has pulled all classes higher. April and May BLS sales noted feeding- and slaughter-cow demand staying good to very good, with Canadian buyers shipping cows north and American packers buying ahead of the July 4 holiday.
Table 6. Slaughter Bull Prices ($/cwt), 2023–2026
Source: BLS sale reports · 2026 spring saw feeding-bull buyers competing with packers, lifting both ends of the range
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| Year / month | BLS bull low ($/cwt) | BLS bull high ($/cwt) | Year-over-year change (high) |
|---|---|---|---|
| January | |||
| 2023 | $98.00 | $138.00 | baseline |
| 2024 | $113.00 | $132.00 | −4.3% |
| 2025 | $141.00 | $252.00 | +90.9% ▲ |
| 2026 | $178.00 | $270.00 | +7.1% ▲ |
| February (estimated) | |||
| 2023 | ~$100 | ~$140 | baseline |
| 2024 | ~$115 | ~$135 | −3.6% |
| 2025 | ~$145 | ~$258 | +91.1% ▲ |
| 2026 | ~$182 | ~$270+ | +4.7% ▲ |
| 2026 spring–summer — statewide slaughter bulls (AMS #1778 weekly) | |||
| Weeks of Jul 20 – Aug 24 | $160 | $405 | statewide weekly |
| 3-yr Jan change (high) | $138 → $270 — +$132/cwt, +96% | ||
Table 7. Top Bred Cow & Heifer Prices — January Stock Cow Special ($/head), 2024–2026
Source: BLS Stock Cow / Blue Ribbon Special sale reports · 2026 figure set on Jan 14, 2026 — house record
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| Sale year and date | Top bred cow ($/head) | Top bred heifer ($/head) | YoY change (top cow) |
|---|---|---|---|
| 2024 — Jan 10 Stock Cow Special | $2,500 | $2,410 | baseline |
| 2025 — Jan 15 Blue Ribbon Special | $2,925 | $3,000 | +17.0% ▲ |
| 2026 — Jan 14 Stock Cow Special (record) | $4,625 | $4,050 | +58.1% ▲ |
Carl Thompson’s BWF 3–4 year olds topped the Jan 14, 2026 sale. Bred heifers topped at $4,050 (Walking 5 Ranch, Broadview). Bred-cattle prices are the most forward-looking indicator in the auction record — buyers paying $4,000+ per head are making a clear bet that this price cycle has years left to run.
Sale-by-sale commentary, February–July 2026
August 2026 onward is covered sale-by-sale on Montana Weekly Auction Results, updated every Saturday.
Compiled from BLS and PAYS individual sale reports and USDA AMS Montana Feeder Cattle Reports #1774, 1776, 1777, and 1778
February 2026 — sustained strength as feeder specials closed out
- BLS 2/5 (Feeder Special, 2,946 hd): “VERY STRONG MARKET ON ALL CLASSES OF FEEDERS WITH A GOOD BUYING CROWD”
- PAYS 2/18 (Feeder Special, 1,136 hd): Just under 1,000 feeders on a MOSTLY STEADY market. Weigh-ups SHARPLY HIGHER.
- BLS 2/19 (all class, 389 hd): REAL LIGHT RUN on a fairly steady market. Feeder special March 5.
- PAYS 2/25 (all class, 610 hd): Light seasonal run on a STEADY MARKET on all classes.
- PAYS 2/27 (Feeder Special, 4,034 hd): Last feeder special until fall. Very good demand with a large crowd. Grass cattle demand very good. Heifers 500–599 lb steady to $10 higher. Bullish USDA inventory report — continued herd contraction.
March 2026 — post-feeder-special transition
- BLS 3/5 (Feeder Special): USDA AMS covering March 1–7 (5,837 Montana-wide head) reported feeder cattle steady to weak overall with replacement females dominating offerings. Slaughter bulls the standout, up $5–$8 on the week.
- BLS week of 3/12–3/19 (AMS 1777): Steer calves under 550 lb $15–$20 higher; 550–649 lb $5–$15 higher; over 650 lb too lightly tested. Supply mix ~48% feeder / 27% slaughter / 25% replacement. Feeder cattle over 600 lb at only 27% of receipts — producers holding heavier cattle and marketing lighter calves.
- End of March (AMS 1778, week of 3/22–3/28): Montana auctions running below year-ago receipts on thin spring supply. Demand for grass-development cattle firm with summer lease buyers active on 400–550 lb calves. Canadian and private feeders actively bidding on feeding cows. Cash markets steady at $235–$240/cwt on fed cattle.
April 2026 — thin volume, firm prices
- BLS 4/2 (5,059 hd): Largest April sale; broad participation as buyers worked through the post-feeder-special supply.
- BLS 4/9 (779 hd): Light run; 500–549 lb steers at $500–$538/cwt — within 5% of January’s $525 benchmark. CME April feeder futures at $374.15 confirmed the floor.
- BLS 4/23 (1,011 hd): Slaughter category over 39% of receipts as cull-cow buyers competed actively.
- BLS 4/30 (2,561 hd): Feeder cattle 87% of receipts — strongest feeder share of any April sale. Demand for grass cattle very good.
May 2026 — off-season thinness, cows carry the market
- BLS 5/7 (1,674 hd): First sale after the feeder specials closed. Feeders too lightly tested to set a trend — ranchers and backgrounders cleaning up pens and pastures, mostly singles and small groups, no load lots. Weigh-up cows sold on good to very good demand; Canadian and American packer buyers both active.
- BLS 5/14 (1,125 hd): Slaughter cattle 52% of receipts. Feeding-cow demand very good with a large buyer crowd; Canadian buyers competitive, shipping cows north to feed.
- BLS 5/21 (1,377 hd): Plain quality with many blemished cattle and few reportable feeder lots. Canadian buyers mostly absent, but private feeders very active on weigh-up cows; slaughter classes 52% of receipts.
- BLS 5/28 (1,999 hd): Quality jumped — several attractive sets of replacement-quality heifers sold for feed rather than retained, with the barn citing drought conditions forcing the decision. Replacement females 46% of receipts. A clear early-warning signal as the 2026 grazing season tightens.
May feeder runs were thin and lightly tested (PAYS paused), so no May weighted-average feeder price is published; representative BLS sales showed 400–499 lb steers around $560–$590/cwt and the lightest calves to $615/cwt. The May story is on the cow side — strong slaughter- and feeding-cow demand — and the late-May, drought-driven heifer liquidation.
June 2026 — 4,031 head across three published BLS reports
- BLS 6/4 (879 hd): A good all-class run. Weigh-up cows sold steady, bulls lower and heiferettes higher; feeders sold well, mostly in package-sized groups. Representative 509-lb steers brought $546/cwt.
- BLS 6/11 (Pair & Feeder Special, 2,460 hd): The largest June run. Demand was very good for quality pairs and bred females; better-end feeders were fairly steady. Top listed bred cows brought $4,150/head.
- BLS 6/18 (692 hd): The last June cattle sale featured strong weigh-up demand, with top cows in the $190s/cwt and mature bulls topping at $251/cwt.
July 2026 — strong weigh-ups open the month
- BLS 7/9 (1,219 hd): The first published July report showed cows topping at $201/cwt, mature bulls to $233/cwt and feeder-weight bulls as high as $312.50/cwt. The next major benchmark is the July 23 Summertime Classic Feeder Special.
Eight insights, detailed below
The 2025-to-2026 jump was the largest single-year move across nearly every category. PAYS 550–649 lb steers gained $122/cwt in one year (compared to $51 the year before and $18 the year before that). BLS’s steer midpoint jumped $120/cwt. Bred cows leaped $1,700/head in a single year.
Feeder steer prices on the 550–649 lb class ($499 wtd avg) exceeded January ($457) — the only year in the four-year record where February ran above January. Exceptional grass-lease demand collided with severely constrained supply.
PAYS January volume fell from 17,087 hd (2023) to 9,667 hd (2026), a 43% decline, while BLS rose from 6,805 to 10,355 over the same window. BLS now runs the larger January book at Billings.
The tracked series added BLS’s July 23 Summertime Classic (937 head) and Aug 13 Montana Fair Special (1,034 head), plus PAYS’s return to regular Wednesday/Friday sales in August (Aug 5: 697 head; Aug 19: 1,067 head) after its spring–summer pause on Friday feeder specials. Smaller off-season runs have not meant weak demand: weigh-up cows stayed strong through the summer, and PAYS’s first two August sales already total more than 1,700 head.
Across the broader 96-week Montana auction record, feeder cattle = 48.0% of head count (271,818). Slaughter cattle = 16.2% (91,780). Replacements = 15.6% (88,835). Fed cattle bypass the ring for direct packer sales — Montana auctions are a feeder-cattle price discovery venue first.
October averages 8,313 head/week across Montana auctions; July averages 1,108. A 7.5× seasonal swing. Producers marketing outside September–November face thinner buyer competition and tighter spreads.
Feeder steers = 49.3%, heifers = 47.6%, bulls = 2.8%. The near 50/50 split suggests producers are still selling heifers rather than retaining them aggressively — meaning the supply squeeze could persist into 2027.
Top bred cow prices went from $2,500/head (Jan 2024) to $4,625/head (Jan 2026) — +85% in two years. Buyers paying $4,000+ per head for replacement animals are pricing in multi-year confidence that the cycle has years left to run.
Excel data
Montana Cattle Auction Trends dataset, 2023–2026 — Excel workbook (.xlsx, about 76 KB, 12 worksheets): every table on this page plus the full 2026 video season, including all 1,162 Montana video lots. Live-ring coverage January 2023 – August 19, 2026; video coverage the 2026 season through August 21 (books as posted August 22).
Download the data: BLS & PAYS live auctions 2023–2026 + 2026 video auctions (Excel)
Weekly results dataset — Excel workbook (.xlsx, about 10 KB): every weekly edition of Montana Weekly Auction Results since its August 12, 2026 launch, all reporting markets. Download the weekly workbook.
The original January analysis is also available as an interactive HTML report (HTML file, about 21 KB, January sales 2023–2026 — opens in the browser).
About this data
Sources. USDA Agricultural Marketing Service: Montana Weekly Livestock Auction Summary (Report #1778), Public Auction Yards report (#1776), Billings Livestock Commission report (#1777), and Montana Feeder Cattle Report #1774. USDA NASS Cattle Inventory Reports for state-level beef cow inventory.
Time period. January 2023 through July 9, 2026, ongoing via automated pipeline; the volume table runs through August 19, 2026. February 2024 onward includes all Montana auction barns via AMS #1778; January 2023 – January 2024 covers Billings (PAYS + BLS) only.
Coverage. Aggregated data from Montana livestock auction barns reporting to USDA AMS. Included: sale-barn transactions, feeder cattle, slaughter cattle (culls), and replacement breeding stock. Not included here: private treaty sales, direct feedlot placements, and video/satellite auction sales — the video channel is covered lot-by-lot at Montana Video Auction Trends. Public auctions represent approximately 30–40% of total Montana cattle marketed annually.
Methodology. January figures for PAYS are volume-weighted averages computed from individual transaction records. February 2023–2025 PAYS figures are the Feeder Special price range (low–high) as reported; February 2026 is a computed weighted average. BLS midpoints are the mean of the published low–high range. Year-over-year changes in price tables are computed on directly comparable units (wtd avg → wtd avg, midpoint → midpoint, or range top → range top, as labeled). All data captured daily via automated pipeline and stored at github.com/fcrocker-nyc/dirk-adams-honest-cattle-data. Automated collection; every figure is source-linked, and gaps are disclosed rather than estimated.
Montana Live-Ring Auction Trends · part of Montana Cattle Auction Trends · Honest Cattle®