Prices for U.S. replacement dairy cows kept rising into the fourth quarter of 2025, reaching their highest level on record in October, according to latest quarterly estimates from the USDA. Meanwhile, average cull cow prices reached a peak in September 2025, held relatively steady in October and showed signs of stabilization as the year closes.
U.S. replacement dairy cow prices averaged $3,110 per head in October 2025, up $100 (3%) from July 2025 and up $510 (16%) from October 2024.
The USDA estimates are based on quarterly surveys (January, April, July and October) of dairy farmers in 24 major dairy states, as well as an annual survey (February) in all states. The prices reflect those paid or received for cows that have had at least one calf and are sold for replacement purposes, not as cull cows. The report does not summarize auction market prices.
Quarterly average prices for replacement cow prices were up in 23 of 24 major dairy states (Table 1). Largest increases were in Arizona, Colorado, Florida, Kansas, Utah and Washington, all up $200. The average price was unchanged in Oregon.
Compared to a year earlier, October replacement cow prices were up $700 in Arizona; $650 in Florida, South Dakota and Vermont, and $600 in Colorado, Kansas, New Mexico and Ohio.
Based on preliminary October 2025 cow estimates in the USDA's Milk Production report, U.S. cow numbers were estimated at 9.57 million head, up 208,000 from a year earlier. The trend is similar in the 24 major dairy states, where October 2025 cow numbers were estimated at 9.138 million, also up 211,000 head from October 2024.
Read: Cow numbers, milk production continue to increase in October USDA estimate
Market cow prices increase
With a month lag in reporting data, the USDA’s Ag Prices report indicated U.S. average prices received for cull cows (beef and dairy, combined) in October 2025 averaged $162 per hundredweight (cwt); while down $2 from September, it was up $20 from October 2024.
Dwindling cow numbers have impacted not only replacement prices but also dairy cow culling rates. Weekly slaughter toward the end of 2025 has reversed a long-term trend. Through the week ending Nov. 15, weekly dairy cow slaughter has exceeded year-earlier levels in the past 10 weeks. Since September 2023 and through the week ending Sept. 6, weekly dairy cow slaughter had trailed year-earlier levels for 98 of 105 weeks with a total decline of nearly 556,100 head over that period. However, in the 10 weeks since, it has increased 15,253 head.
Latest USDA data, released Dec. 1, showed the number of dairy cull cows marketed through U.S. slaughter plants in October 2025 was estimated at 243,000. While up 15,800 from September, it was also 7,400 more than October 2024.
