Market News

Midday cash livestock markets

Direct cash cattle trade activity is typically quiet for a Monday.  Buyers and sellers are busy preparing for the week ahead.  Bids and asking prices haven’t been established.  Significant trade volume will likely be delayed until midweek or later.  Last week dressed business ranged from $294 to $301, mostly $298, $4 higher than the previous week’s weighted averages.  Southern live business was at mostly $186, which was fully steady with the prior week’s business. 

Boxed beef is higher at midday on solid demand for light offerings.  Choice is $1.43 higher at $313.33 and Select is $1.40 higher at $303.80.  The Choice/Select spread is $9.53. 

In Nebraska last week, steers under 500 pounds were $10 higher and steers over 500 pounds were $2 higher.  Heifers were steady to $3 higher, except 6-weight heifers which were $7 higher.  The USDA says demand was good to very good for grass cattle, feeder cattle, and bred cows.  Receipts were up on the week and the year.  Feeder supply included 54% steers and 73% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 600 to 645 pounds brought $295.50 to $328.50 and feeder steers 750 to 795 pounds brought $253 to $280.  Medium and Large 1 feeder heifers 600 to 648 pounds brought $250 to $291.50 and feeder heifers 750 to 799 pounds brought $223.50 to $256.75. 

Cash hogs are lower at midday with very light negotiated purchases. Processors aren’t aggressive in their procurement efforts to start the week, prices and the lack of activity reflects that.  The industry continues to monitor the availability of market-ready hogs, hog weights, and overall demand.  Global market remains strong and domestic demand is showing some resilience.  Both are supportive to prices. Barrows and gilts at the National Daily Direct are $1.82 lower with a base range of $76 to $80 and a weighted average of $78.92 and the Western Corn Belt is $2.32 lower with a weighted average of $78.97.  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 $2 higher at $60. 

Pork values were higher at midday – up $1.76 at $95.23.  Hams, bellies, and butts were sharply higher.  Loins were higher.  Picnics about steady while ribs were lower.