Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet to start the day.  Bids and asking prices have yet to surface.  It’s likely significant trade volume will be delayed until at least midweek or later.  The bulk of last week’s business took place on Wednesday and Thursday.  Southern live trade ranged from $108 to $111, mostly $110, which was steady to weak with the prior week’s weighted averages.  Northern dressed deals ranged from $166 to $176, mostly $172 to $173, generally steady to $1 lower than the previous week’s weighted average basis in Nebraska. 

Boxed beef is sharply higher at midday on strong demand for light offerings.  Choice is $2.96 higher at $225.78 and Select is $2.03 higher at $215.37.  The Choice/Select spread is $2.03.

In Missouri last week, feeder cattle were unevenly steady to $5 lower and feeders over 600 pounds steady to $3 higher with 600-to-650-pound steers seeing the most strength.  The supply of feeders was moderate and much lower than recent weeks.  The USDA says demand was moderate to good, with reports of some buyers picking up grazing cattle for the summer months as supplies are expected to tighten.  Feeder supply included 57 percent steers and 54 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 600 to 649 pounds brought $128 to $153.50 and feeder steers 700 to 749 pounds brought $119 to $147.  Medium and Large 1 feeder heifers 550 to 599 pounds brought $115 to $145.50 and feeder heifers 600 to 649 pounds brought $115 to $140.75. 

Cash hogs are firm at midday with solid negotiated numbers.  Supply and demand continue to be the focus on the market.  The industry has concerns that the recent demand strength could wain on both the global and domestic market.  At the same time, supplies of market-ready hogs remain more than ample and daily slaughter totals continue to push higher.  That adds more pork to a very saturated market.  Barrows and gilts at the National Daily Direct are $.16 higher with a base range of $48 to $55.95 and a weighted average of $55.72.  There’s no comparison at the Iowa/Minnesota and the Western Corn Belt, but a weighted average price of $54.30.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets had no comparison, but are at $40.   

Pork values are weak at midday – down $.37 at $82.46.  Bellies are sharply lower and loins are weak.  Picnics, ribs, and hams are all sharply higher.  Butts are higher.