Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet, as buyers and sellers are busy preparing for the week ahead.  Bids and asking prices have yet to surface.  Significant trade volume will likely develop earlier than normal with the holiday-shortened week. Deals last week ranged from $222 to $227 live in the South, mostly $224 to $225, $4 to $5 lower than the prior week’s weighted averages. Dressed business in the North ranged from $365 to nearly $374, mostly $368, which was $10 below the prior week’s weighted average basis in Nebraska.

In Iowa last week, feeder steers were $3 to $5 lower.  Heifer calves and feeder cattle were fully steady.  The USDA says demand was mostly good both in-house and online. Receipts were up on the week and the year.  Feeder supply included 46 percent steers and 86 percent of the offering weighed more than 600 pounds.  Medium and Large 1 feeder steers 856 to 896 pounds brought $285 to $318.25 and feeder steers 900 to 945 pounds brought $291 to $308.50.  Medium and Large feeder heifers 703 to 747 pounds brought $303 to $324 and feeder heifers 878 to 886 pounds brought $273 to $280.50.

Boxed beef was firm at midday with moderate demand for light offerings.  Choice is $.10 higher at $396.50 and Select is $.65 higher at $383.58.  The Choice/Select spread is $13.01.

Cash hogs are sharply higher at midday with a handful of negotiated purchases.  Processors are starting the holiday-shortened week more aggressive in their procurement efforts. U.S. pork is still seeing strong demand on the global market, which is helping provide significant price support.  Last week’s Export Sales report from the USDA showed a return of China to the buyers list, just one highlight from an exceptionally solid week of purchases.  Domestic demand has been solid, and that’s providing a much-needed boost.  It’s helping that pork remains very competitively priced in the retail space.  The industry remains incredibly efficient in terms of productivity, ensuring there are ample supplies of market-ready hogs. Barrows and gilts at the National Daily Direct are $4.66 higher with a base range of $104 to $113 and a weighted average of $112.51.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $84.

Pork values were lower at midday, down $.93 at $116.53.  Ribs dropped more than $16 and hams were also sharply lower.  Bellies, loins, butts, and picnics are all higher.