Market News

Midday livestock markets

Direct cash cattle trade is off to its typically quiet start.  Buyers and sellers are busy taking inventory.  If business this week follows the recent trend, significant trade volume will hold out until sometime on Friday.  There was a light to moderate trade that took place late last week.  Southern live deals were reported at mostly $161 to $162, $1 to $2 above the prior week’s weighted averages.  Dressed deals in the North were at mostly $257, $3 above the previous week’s weighted average basis in Nebraska. 

Boxed beef was higher at midday on light demand for light offerings.  Choice is $1.26 higher at $282.30 and Select is $.48 higher at $266.37.  The Choice/Select spread is $15.93. 

In Texas last week, feeder steers were steady to $3 higher.  Trade was fairly active on a good market.  Receipts were down from the previous week and on the year.  Feeder supply included 58% steers and 70% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 826 to 844 pounds brought $166.50 to $177.50 and feeder steers 911 to 971 pounds brought $165.50 to $173.  Medium and Large 1 feeder heifers 500 to 549 pounds brought $182 to $202.50 and feeder heifers 706 to 740 pounds brought $164 to $173.50. 

Cash hogs are sharply higher at midday with light negotiated purchases.  Processors are moving at their own pace when it comes to moving numbers.  They’re aggressive and bidding up when they need them and backing off when they don’t.  The industry continues to monitor the availability of market-ready hogs.  Pork remains a value-buy for consumers in the retail space and that helps provide at least some price support. Barrows and gilts at the National Daily Direct are $2.45 higher with a base range of $68 to $80 and a weighted average of $78.64; the Iowa/Minnesota is $2.63 higher with a weighted average of $79.20; the Western Corn Belt is $2.59 higher with a weighted average of $79.16.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Pork values are sharply higher at midday – up $7.29 at $89.38.  Bellies jumped more than $25 to start the day.  Hams were also sharply higher.  Loins, picnics, and butts were higher.  Ribs were lower. 

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