Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a quiet start.  Buyers and sellers are busy taking inventory.  It’s expected bids and asking prices will be slow to surface and significant trade volume will be delayed until midweek or later.  Deals last week were at mostly $138 live in the South, steady with the previous week’s weighted averages.  Dressed deals were mostly $221, steady/weak with the prior week’s weighted average basis in Nebraska. 

Boxed beef is higher at midday on solid demand for light offerings.  Choice is $1.02 higher at $263.66 and Select is $1.50 higher at $253.64.  The Choice/Select spread is $10.02. 

At the Missouri Livestock Auctions last week, feeder steers and heifer calves were mostly steady with some spots of up to $5 higher on some lighter weight calves.  Yearlings were near steady to week-ago levels.  The USDA says feeder supply was moderate with weather conditions did limit numbers in some areas.  Feeder supply included 53% steers and 50% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 650 to 699 pounds brought $145 to $184 and feeder steers 802 to 846 pounds brought $140 to $159.10.  Medium and Large 1 feeder heifers 500 to 549 pounds brought $140 to $183 and feeder heifers 600 to 649 pounds brought $130 to $176. 

Cash hogs opened lower with moderate negotiated purchases.  The industry continues to monitor the availability of market-ready hogs, especially with the Quarterly Hogs and Pigs report coming out on Wednesday.  Processors started the week moving their desired numbers without having to aggressively bid up.  Demand for US pork has been strong on the global market and domestically, but there are long-term concerns that are adding pressure to prices. Barrows and gilts at the National Daily Direct are down $7.17 with a base range of $98 to $110 and a weighted average of $103.11; the Iowa/Minnesota is $.62 lower with a weighted average of $109.74; the Western Corn Belt is $.54 lower with a weighted average of $109.74.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are up from last week at $80. 

Pork values are higher at midday – up $3.50 at $113.40.  Bellies are up nearly $19 at midday.  Hams and picnics are higher.  Butts are firm.  Loins and ribs are lower to sharply lower.