Market News

Midday cash livestock markets

Direct cash cattle trade is off to a pretty typically quiet start to the week.  Buyers and sellers are preparing for the week ahead, but with back-to-back holiday-shortened weeks, it will likely be a quiet end to the year.  Bids and asking prices have yet to surface.  Any significant trade volume will likely take place sometime Thursday or Friday.  Dressed deals in the North last week had a huge range, from $302 to $315, mostly at $305, which was $2 higher than the previous week’s weighted averages.  Live deals in the South were at mostly $191, fully steady with the prior week’s weighted average basis. 

Boxed beef is mixed at midday on light to moderate demand for fairly light offerings.  Choice is $.80 lower at $315.05 and Select was $1.92 higher at $287.83.  The Choice/Select spread is $27.22. 

At last week’s Farmers and Ranchers Livestock sale in Salina, Kansas, there was a nice offering of cattle.  Steers calves under 650 pounds were mostly $5 to $8 higher.  Steers 650 to 800 pounds were $2 to $3 higher.  Steers 800 to 900 pounds were $6 to $7 lower, and steers over 900 pounds were steady to $1 higher.  Heifers under 650 pounds were $2 to $6 higher, and heifers 650 to 700 pounds were $7 lower.  Heifers 700 to 900 pounds were $4 higher.  The moderate offering was met with good demand.  Receipts were down on the week, but up on the year.  Feeder supply included 68% steers and 76% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 805 to 849 pounds brought $251 to $264 and feeder steers 881 to 889 pounds brought $244.50 to $249.  Medium and Large 1 feeder heifers 653 to 683 pounds brought $252 to $262 and feeder heifers 715 to 739 pounds brought $252 to $255.75. 

Cash hog prices were not reported due to confidentiality with just a handful of reported purchases. The cash hog market is slow to get going ahead of this afternoon’s Quarterly Hogs and Pigs report from the USDA. The Monday report likely doesn’t help. All eyes will be on the supply situation, especially as demand for U.S. pork on the global market remains strong.  Domestic demand has continued to struggle with consistency and that’s also impacting the markets. The five-day rolling average for barrows and gilts at the National Daily Direct is $78.84. 

Pork values were sharply lower at midday – down $3.56 at $93.72.  Bellies, hams, and ribs were all sharply lower.  Picnics were weak.  Loins and butts were both higher.

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