Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a typically quiet start to the week.  Bids and asking prices have yet to surface.  It’s likely significant trade volume will be delayed until midweek or later.  Deals last week were marked at $181 to mostly $183 live in the South, steady with the prior week’s weighted averages.  Dressed business ranged from mostly $290 to $295, about $2 lower than the previous week’s weighted average basis. 

Boxed beef is higher at midday on solid demand for light offerings.  Choice is $1.39 higher at $306.67 and Select is $1.61 higher at $297.35.  The Choice/Select spread is $9.32. 

In Missouri last week, grazing weight calves, mostly under 700 pounds were $5 to $10 higher and heavier weight yearlings were steady to $5 higher.  The supply of feeders was moderate with offerings at local barns slowing slightly.  The USDA says demand was good to very good as buyers are aggressively picking up calves to put out on grass.  There were a couple of standout sales last week.  Receipts were down on the week and up on the year.  Feeder supply included 51% steers and 55% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 600 to 649 pounds brought $270 to $317 and feeder steers 700 to 749 pounds brought $234 to $276.  Medium and Large 1 feeder heifers 550 to 598 pounds brought $247.50 to $300.50 and feeder heifers 601 to 648 pounds brought $225 to $278. 

Cash hogs are higher at midday with very light negotiated purchases.  Global demand for US pork continues to be a bright spot.  Exports have been strong and that’s been supportive to prices.  Don’t expect any big movement today as business has been slow to develop recently.  The industry continues to watch the availability of market-ready hogs and hog weights. Barrows and gilts at the National Daily Direct are $1.83 higher with a base range of $71 to $75 and a weighted average of $73.25 and the Western Corn Belt had no comparison but a weighted average of $73.78.  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 steady at $55. At Illinois, slaughter sow prices were $2 higher with moderate demand for moderate offerings at $44 to $56.  Barrows and gilts were $2 higher with moderate demand for moderate offerings at $42 to $52.  Boars ranged from $15 to $25 and $8 to $15.

Pork values were weak at midday – down $.18 at $84.79.  Hams, ribs, and loins were all lower.  Butts, picnics, and bellies were firm to higher.

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