Market News

Midday cash livestock markets

Direct cash cattle trade activity is typically quiet for a Monday with buyers and sellers busy assessing inventory.  Bids and asking prices are scarce and it’s likely significant trade volume will be delayed until the latter half of the week.  The majority of last week’s business took place on Thursday with a little cleanup trade on Friday.  Northern dressed deals had a full range of $178 to $182, mostly $180 to $181, generally steady to $1 higher than the prior week’s weighted average basis in Nebraska.  Southern live deals were at $114, fully steady with the previous week’s trade. 

Boxed beef is firm to higher at midday on good demand for light offerings.  Choice is $.15 higher at $239.38 and Select is $.98 higher at $228.88.  The Choice/Select spread is $10.50. 

At midsession, at the Oklahoma National Stockyards, compared to two weeks ago feeder steers and heifers are lightly tested.  The USDA says demand is moderate to good for feeder cattle following a week of no sales due to weather.  Steer and heifer calves are not well tested in opening rounds.  Demand is good for calves.  Receipts are down sharply on the year.  Feeder supply included 57 percent steers and 63 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 605 to 641 pounds brought $139 to $149.50 and feeder steers 705 to 742 pounds brought $136 to $138.50.  Medium and Large 1 feeder heifers 553 to 588 pounds brought $126.50 to $136 and feeder heifers 755 to 797 pounds brought $123.50 to $126. 

No comparisons for cash hog prices at midday, but solid negotiated purchases to start the day.  The industry remains optimistic demand for US pork will continue its strength and that continues to provide price support.  However, the heavy supplies aren’t far from anyone’s mind.  The availability of market-ready hogs is more than ample, and processors continue to push daily slaughter totals.  The combination adds more pork to the market.  Should any disruption occur to demand, it would likely send prices tumbling.  Barrows and gilts at National Daily Direct had a base range of $61 to $74 and a weighted average of $69.51; the Iowa/Minnesota had a weighted average of $72.14, and the Western Corn Belt had a weighted average of $72.11.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are starting the week out at $50. 

Pork values are higher at midday – up $1.86 at $93.35.  All of the primals are higher, but bellies are leading the way up. 

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