Market News

Midday cash livestock markets

Cash cattle country is off to a quiet start on Monday. Bids and asking prices have yet to be established. Significant trade volume will likely be delayed until Wednesday or later. Last week, Northern dressed deals were marked at mostly $287 to $288, steady to $1 below the previous week’s business.  Southern live deals were at mostly $180, $2 lower than the prior week’s weighted averages.

Boxed beef cutout values were mixed at midday with Choice down $.21 at $296.88 and Select $2.76 higher at $290.16. The Choice/Select spread was $6.72.

According to the Missouri Weekly Cattle Auction Summary, feeder were mostly steady to $5 higher across the state last week. There were some instances sharply higher and even some spots mid-to-late week in which some lower prices made an appearance for the first time in several weeks. The supply of feeders continues to be heavy in Missouri, even with a couple of short-lived snows falling in different parts of the state, according to USDA. Statewide, Medium and Large 1 feeder steers 450 to 499 pounds brought $275 to $365. Medium and Large 1 feeder heifers 600 to 648 pounds sold for $217 to $270.

Cash hogs are steady with extremely light opening negotiated sales at the major direct markets. Most buyers are holding bids after that quiet start to the week, getting a look at the available market ready numbers while also watching demand signals. Export demand continues to be a big bright spot and domestic demand during the early part of 2024 has been mixed, but has generally held up well, despite the questions and concerns about the impact of California’s Proposition 12.

Barrow and gilt prices weren’t reported at midday for the National Direct, Iowa/Minnesota, Western Corn Belt, or Eastern Corn Belt due to confidentiality.

Butcher hogs at the Midwest cash markets are trending steady at $50; slaughter sows are mostly steady at $39 to $42; boars are marked at $14.

Pork values were steady to lower at midday – down $1.46 at $92.32. Hams, ribs, and butts were higher. Picnics and loins were lower. Bellies were sharply lower – down $9.70 at $135.86.