Market News

Midday cash livestock markets

It’s a typically quiet Monday for direct cash cattle trade activity.  Buyers and sellers are busy taking inventory.  Bids and asking prices have yet to surface.  Look for significant trade volume to develop midweek or later.  Deals last week took place on mostly Wednesday with some cleanup trade on Thursday and Friday. Southern live deals ranged from $136 to $138, mostly $138, fully steady with the previous week’s business.  Northern dressed deals were at mostly $220, generally $1 lower than the prior week’s weighted average basis in Nebraska. 

Boxed beef is sharply higher at midday with good demand for light offerings.  Choice is $3.39 higher at $275.21 and Select is $2.87 higher at $263.97.  The Choice/Select spread is $11.24. 

In Missouri last week, compared to pre-holiday sales, steers under 600 pounds were $5 to $10 higher and steers over 600 pounds and all weights of heifers were steady to $5 higher.  The USDA says the supply of feeders was heavy with many load lots and big strings of reputation cattle consigned.  Feeder supply included 60% steers and 58% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 600 to 649 pounds brought $142 to $187 and feeder steers 700 to 749 pounds brought $140 to $176.  Medium and Large1 feeder heifers 550 to 599 pounds brought $137 to $172.25 and feeder heifers 600 to 648 pounds brought $131 to $168.

Cash hogs had no comparison with solid negotiated purchases to start the day.  Processors have been aggressive in their procurement efforts recently and they have been bidding up to move their desired numbers.  The industry continues to monitor the availability of market-ready barrows and gilts.  Demand for US pork on the global market and domestically has been strong, which is expected to continue, at least, in the near term.   However, there are some long-term demand concerns and that’s been putting pressure on prices. Barrows and gilts at the National Daily Direct had no comparison but a base range of $60 to $69 and a weighted average of $65.85.  Prices at the regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are at $44. At Illinois, slaughter sow prices were steady with moderate demand or moderate to heavy offerings at $31 to $50.  Barrows and gilts were steady with moderate demand for moderate offerings at $40 to $48.  Boars ranged from $15 to $22 and $10 to $15.

Pork values are sharply higher at midday – up $4 at $89.90.  Bellies, ribs, and hams are all sharply higher.