Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to its typically quiet start as both buyers and sellers are busy taking inventory.  Bids and asking prices will likely be slow to surface and significant trade volume is expected to develop midweek or later.  Deals last week in the North were marked at mostly $292, $8 higher than the previous week’s weighted average basis in Nebraska.  Live deals in the South had a range of $175 to $180, mostly $178 to $180, $7 to $9 higher than the prior week’s weighted averages. 

Boxed beef is sharply higher at midday with solid demand for light offerings.  Choice is $3.76 higher at $313.69 and Select is $5.16 higher at $296.09.  The Choice/Select spread is $17.60. 

In Missouri last week, there was a light supply of feeders due to the holiday-shortened week.  But many classes and weights were up sharply, between $10 and $15 higher with some spots that went even higher.  While receipts were down sharply on the week, they are still running more than seasonal averages.  Feeder supply included 50% steers and 38% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 600 to 648 pounds brought $223 to $288 and feeder steers 901 to 944 pounds brought $193 to $219.50.  Medium and Large 1 feeder heifers 602 to 647 pounds brought $208 to $241.50 and feeder heifers 650 to 699 pounds brought $203 to $224.75. 

Cash hogs are lower at midday with moderate negotiated purchases.  Ample supplies of market-ready hogs give packers more leverage and they don’t need to get aggressive in their procurement efforts and bid up to move desired numbers, unless it’s warranted.  The summer grilling season is in full swing, and the industry is optimistic it will continue to fuel demand.  That could be good news for prices. Barrows and gilts at the National Daily Direct are $1.07 lower with a base range of $80 to $89 and a weighted average of $80.30 and the Western Corn Belt is $2.59 lower with a weighted average of $83.49.  Prices at the Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets are steady at $60. At Illinois, slaughter sow prices were steady with moderate demand for heavy offerings at $10 to $20.  Barrows and gilts were steady with moderate demand for moderate offerings at $46 to $56.  Boars ranged from $15 to $25 and $5 to $10. 

Pork values are sharply higher – up $8.06 at $92.78.  Bellies jumped more than $36.  Hams are also sharply higher.  Ribs and butts are higher.  Picnics and loins are lower.