Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to its typically quiet start to the week.  Bids and asking prices have yet to surface.  The holiday-shortened week could push business to happen a lot earlier than normal – but it’s wait and see for the time being.  Last week, dressed business had a range of $310 to $317.50, but at mostly $312, $1 higher than the previous week’s weighted average basis in Nebraska.  Live deals in the South had a range of $188 to $194, but at mostly $190, about steady with the prior week’s business. 

Boxed beef is sharply higher at midday on good demand for light offerings.  Choice is $3.56 higher at $329.88 and Select is $2.36 higher at $306.86.  The Choice/Select spread is $23.02. 

In Missouri last week, there was a lighter run of calves that sold anywhere from $20 lower to $20 higher.  A better test of yearlings sold $10 higher.  The USDA says supply of feeders was light to moderate.  The yearling market has been very strong and setting record prices.  Receipts were down on the week and the year.  Feeder supply included 60% steers and 65% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 810 to 846 pounds brought $237 to $268.50 and feeder steers 850 to 891 pounds brought $249 to $271.50.  Medium and Large 1 feeder heifers 600 to 645 pounds brought $235 to $291 and feeder heifers 702 to 749 pounds brought $237 to $280.

Cash hogs were not reported due to confidentiality.  There were only a handful of negotiated purchases report.   It’s a holiday-shortened week and the cash hog market could find itself busy earlier in the week as packers are more aggressive in their procurement efforts.  But that’s not the case yet.  Demand continues to be a bright spot for the industry as US pork remains popular and competitive on the global market.  The industry is also watching the availability of market-ready hogs and hog weights, which appear to be on a seasonal decline but are still running well above year-ago levels.  The five-day rolling average at the National Daily Direct is $88.47, it’s $88.76 at the Iowa/Minnesota, the average for the Western Corn Belt is $88.59; and it’s $85.92 for the Eastern Corn Belt.

Butcher hog prices are $6 lower at the Midwest cash markets at $60. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $63 to $75.  Barrows and gilts were steady with moderate demand for moderate offerings at $52 to $62.  Boars ranged from $18 to $28 and $8 to $15. 

Pork values were weak at midday – down $.25 at $97.64.  Butts, ribs, and hams were lower.  Loins were nearly steady.  Picnics and bellies were higher.