Market News

Midday cash livestock markets

Direct cash cattle trade is off to a quiet start to the week.  Buyers and sellers are busy taking inventory.  Bids and asking prices have yet to be established, but it’s likely significant trade volume will be delayed until midweek or later.  Last week Southern live business had a full range of $140 to $142, mostly $142, generally $3 higher than the bulk of the previous week’s business.  Northern dressed deals had a full range of $217 to $221, mostly $220, generally $3 higher than the prior week’s weighted average basis in Nebraska. 

Boxed beef was mixed at midday on light to moderate demand for light offerings.  Choice is $.03 lower at $274.33 and Select is $1.68 higher at $260.32.  The Choice/Select spread is $14.01. 

In Missouri this past week, compared to the previous week, feeder steers were steady to $5 higher.  There were several barns that saw big gains this past week, making up ground after being closed for the holiday.  Steer calves didn’t see the extreme highs, but prices continue to climb.  Feeder supply included 56% steers and 45% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 599 pounds brought $150 to $186 and feeder steers 600 to 649 pounds brought $144 to $176.75.  Medium and Large 1 feeder heifers 500 to 549 pounds brought $131 to $175.50 and feeder heifers 650 to 699 pounds brought $130 to $165.75. 

Cash hogs are sharply lower at midday with moderate negotiated purchases.  Processors are monitoring the availability of market-ready barrows and gilts.  While the end of last week brought sharply higher prices, that did not carry over into the start of this week.  Demand for US pork has been strong on the global market and domestically has been strong.  While that is expected to continue in the near term, there are long-term demand concerns which have helped keep the lid on prices. Barrows and gilts at the National Daily Direct are $2.26 lower with a base range of $55 to $62.50 and a weighted average of $56.16.  Prices at the regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets have no comparison but are at $50. At Illinois, slaughter sow prices were steady with light demand for moderate to heavy offerings at $58 to $68. Barrows and gilts were steady with moderate demand for moderate offerings at $32 to $39. Boars ranged from $15 to $25 and $10 to $15.

Pork values are sharply higher at midday – up $7.93 at $89.30.  Bellies jumped more than $23.  Loins, hams, butts, and ribs were all sharply higher.  Picnics were higher.