Market News

Midday cash livestock markets

Direct cash cattle trade is off to a quiet start for the week with buyers and sellers busy taking inventory.  Bids and asking prices have yet to surface.  Look for business to develop midweek or later.  The bulk of last week’s business took place on Tuesday with scattered trade coming in throughout the balance of the week.  Live deals in the South were at mostly $140, about steady with the prior week’s business.  Dressed deals were at mostly $230, about $1 lower than the previous week’s weighted average basis in Nebraska. 

Boxed beef was steady and higher at midday on solid demand for light offerings.  Choice is $1.87 higher at $260.82 and Select was unchanged at $243.90.  The Choice/Select spread was $16.92. 

In Missouri last week, feeder steers were mostly steady to $2 lower, heifers were uneven, from $2 to mostly $2 higher.  The USDA says feeder supply has shifted to mostly calves and it is moving into the slow season for marketing cattle as many have turned cattle on to grass.  Receipts were down on the week and up on the year.  Feeder supply included 51% steers and just 37% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 450 to 499 pounds brought $172.50 to $220 and feeder steers 500 to 548 pounds brought $165 to $212.  Medium and Large 1 feeder heifers 500 to 549 pounds brought $144 to $182.25 and feeder heifers 600 to 646 pounds brought $132 to $171. 

Cash hogs opened about steady with fairly light negotiated purchases.  Packers continue to monitor the availability of market-ready hogs.  Processors have been moving their desired numbers without having to get aggressive in their procurement efforts.  While demand has been strong on the global market and domestically, there are long-term concerns adding pressure to prices. Barrows and gilts at the National Daily Direct are $.04 higher with a base range of $98 to $107 with a weighted average of $101.31.  Prices at the regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $70. 

Pork values are higher at midday – up $1.96 at $103.13.  Bellies were more than $8 higher.  Butts and loins were sharply higher.  Ribs and picnics were higher.  Hams were sharply lower. 

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