Market News

Midday cash livestock markets

A quiet start to the week for direct cash cattle trade with bids and asking prices yet to surface.  It’s likely significant trade volume will be delayed until the latter half of the week.  Last week’s business started on Tuesday and came in spurts throughout the rest of the week. Southern live deals had a range of $117 to $119, mostly $119, roughly steady with the previous week’s weighted averages.  Northern dressed deals had a range of $187 to $192, and if comparing the weighted average, it was about $1 lower than the prior week’s weighted average basis in Nebraska. 

Boxed beef is higher at midday on good demand for light offerings.  Choice is $1.64 higher at $307.52 and Select is $3.28 higher at $293.55.  The Choice/Select spread is $13.97. 

In Missouri this past week, compared to the previous week feeder steers and heifers were mostly steady to $5 lower, although there were a few instances of some calves that were steady to $3 higher.  Feeder supply was light to moderate with most of the offering made up of calves.  The USDA says demand was moderate.  Receipts were up on the week and down on the year.  Feeder supply included 52 percent steers and 41 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 500 to 549 pounds brought $135 to $177 and feeder steers 550 to 598 pounds brought $132 to $175.  Medium and Large 1 feeder heifers 500 to 549 pounds brought $115 to $157 and feeder heifers 551 to 594 pounds brought $115 to $144.50. 

Cash hogs are mixed at midday with moderate negotiated purchases.  The recent demand strength on the global market and domestically for US pork has been very supportive to prices, but should a disruption occur, it would likely send prices tumbling.  Packers continue to monitor the availability of market-ready hogs, and remain fairly aggressive in their procurement efforts. Barrows and gilts at the National Daily Direct are $.51 lower with a base range of $105.77 to $125 and a weighted average of $109.30; the Iowa/Minnesota is $.09 higher with a weighted average of $120.86; the Western Corn Belt is $.11 higher with a weighted average of $120.88.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash market are $5 higher than their last reported test at $77. 

Pork values are higher at midday – up $1.98 at $115.77.  Picnics, hams, and bellies are all sharply higher.  Ribs are higher.  Butts and loins are lower to sharply lower.