Market News

Midday cash livestock markets

Direct cash cattle trade activity is unsurprisingly quiet to start the week.  Buyers and sellers are busy taking inventory.  Bids and asking prices have yet to be established and it’s likely significant trade volume will hold out until midweek or later.  The bulk of last week’s business took place on Tuesday and Wednesday, with just a handful of deals on Friday.  The full range was $135 to $140, mostly $138 to $140 live, which is roughly $6 higher than the previous week’s weighted averages.  Northern dressed business had a full range of $210 to $220, mostly $218 to $220, generally $7.50 higher than the prior week’s weighted average basis in Nebraska. 

Boxed beef was higher at midday on good demand for light offerings.  Choice is $2.56 higher at $282.57 and Select is $.73 higher at $263.01.  The Choice/Select spread is $19.56. 

In Missouri last week, receipts were lighter due to the holiday-shortened week.  Yearling steers and heifers were $3 to $5 higher and steer calves were $5 to $10 higher.  Prices were stronger and that was largely due to the high-quality offerings.  Demand was very good, especially for cattle that have been fully preconditioned.  In fact, a short load of 543 pounds steers sold for $202.25 at the Green City Livestock Market on Friday.  Feeder supply included 64% steers and 69% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 750 to 799 pounds brought $156 to $171 and feeder steers 800 to 849 pounds brought $143 to $169.75.  Medium and Large 1 feeder heifers 650 to 699 pounds brought $129 to $157.50 and feeder heifers 700 to 749 pounds brought $127 to $160.25. 

Cash hogs are firm at midday with a solid morning negotiated run.  Demand for US pork on the global market remains strong and that has helped provide price support.  There are some long-term demand concerns, which have been limiting gains.  Processors continue to monitor the availability of market-ready hogs and for the most part have been able to move their desired numbers without having to aggressively bid up. Barrows and gilts at the National Daily Direct are $.13 higher with a base range of $52 to $57 and a weighted average of $55.10.  Both the Iowa/Minnesota and the Western Corn Belt had a weighted average of $55.49.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets had no comparison and were at $59. At Illinois, slaughter sow prices were mostly $1 to $2 higher with good demand for moderate to heavy offerings at $62 to $73.  Barrows and gilts were $1 lower 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 $7.50 at $91.48.  Hams jumped nearly $20 to start the day.  Loins, bellies, and butts were all sharply higher.  Picnics were higher.  Ribs were weak. 

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