Market News

Midday cash livestock markets

Direct cash cattle trade is off to its typically quiet start to the week.  Buyers and sellers are preparing for the week ahead, and bids and asking prices have yet to be established.  Significant trade volume will likely be delayed until midweek or later.  This week is full of insight at the end of the week as to the direction of the cattle market in 2024, with Thursday’s livestock slaughter report and Friday’s On Feed and Cold Storage reports.  The majority of business in the North last week took place on Wednesday and Thursday with dressed deals ranging from $264 to $268, mostly $267 to $268, $2 to $3 lower than the prior week’s weighted averages basis in Nebraska.  Live deals in the South held out until Friday with business at mostly $170, about $1 lower than the previous week’s weighted averages. 

Boxed beef is mixed at midday with light to good demand for moderate offerings.  Choice is $2.56 lower at $289.08 and Select is $2.47 higher at $263.29.  The Choice/Select spread is $25.79. 

In Iowa last week, steers and heifers were steady.  Feeder steers were $8 to $12 higher.  Feeder heifers were $6 to $10 higher.  Receipts were down on the week and nearly steady on the year.  Feeder supply included 62% steers and 67% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 602 to 649 pounds brought $235 to $276 and feeder steers 752 to 799 pounds brought $215 to $235.  Medium and Large 1 feeder heifers 550 to 597 pounds brought $215 to $249 and feeder heifers 650 to 697 pounds brought $200 to $243.50. 

Cash hogs are higher at midday with fairly light negotiated purchases. Processors are starting off the day a little more aggressive in their procurement efforts.  With Friday’s Quarterly Hogs and Pigs report and the long holiday weekend ahead, it’s a strong possibility the bulk of the week’s business happens early.  Packers continue to drive prices without much resistance as there are ample supplies of market-ready hogs, and production efficiency remains high.

Barrows and gilts at the National Daily Direct are $.98 higher with a base range of $40 to $54 and a weighted average of $49.41, no comparison at the Western Corn Belt but a weighted average of $48.46. Prices at the Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $1 lower than the last reported test. At Illinois, slaughter sow prices are steady, with moderate demand for moderate offerings at $31 to $43.  Barrows and gilts are steady, with moderate demand for moderate offerings at $27 to $37.  Boars ranged from $10 to $20 and $5 to $10.

Pork values were sharply higher at midday – up $2.53 at $86.86.  Picnics jumped nearly $20 at midday.  Bellies and hams were both higher.  Butts, loins, and ribs were weak to sharply lower.