Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a typically quiet start to the week as buyers and sellers are busy preparing for the week ahead.  Bids and asking prices aren’t likely to surface today and significant trade volume isn’t expected until the latter half of the week.  Last week’s business was light and could be called scattered, at best.  Deals in the North were marked at $320 to $322 dressed, that’s $5 to $7 lower than the previous week’s weighted averages.  Live deals in the South were at $202 to $203, $3 to $4 lower than the prior week’s weighted average basis. 

Boxed beef is mixed at midday on light demand for moderate offerings.  Choice is $1.54 higher at $316.24 and Select is $.23 lower at $306.91.  The Choice/Select spread is $9.33.

In Missouri last week, feeder steers and heifers were unevenly steady, from steady to $5 lower.  The supply of feeders was light as weather became an issue in many places.  That could be the case again at the start of this week.  There has been an uptick in interest in grass calves for grazing, but buyers are being selective, wanting high quality calves with a health program.  Receipts were down on the week and the year.  Feeder supply included 58% steers and 62% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 599 pounds brought $312.50 to $357 and feeder steers 650 to 699 pounds brought $285 to $315.50.  Medium and Large 1 feeder heifers 550 to 599 pounds brought $276.50 to $319.50 and feeder heifers 600 to 647 pounds brought $230 to $303. 

Cash hogs were not reported at midday with just a handful of negotiated purchases.  This isn’t a big surprise for a Monday. Processors haven’t been starting the week off very aggressive in their procurement efforts and aren’t bidding up to move numbers.  Demand, overall, for U.S. pork on the global market has been strong and that’s been helping provide price support.  But, domestic demand has struggled with consistency and that adds to volatility on the market.  The industry continues to monitor the market-ready hog numbers and weights as slaughter pace has been pushing higher in the new year. The 5-day rolling average for barrows and gilts at the National Daily Direct is $88.14; it’s $88.85 the Iowa/Minnesota; $89.01 at the Western Corn Belt; and $87.05 for the Eastern Corn Belt. 

Butcher hog prices at the Midwest cash markets are steady at $62. 

Pork values were higher at midday – up $2.62 at $104.61.  Loins, Ribs, butts, bellies, and hams were all higher.  Picnics were lower.