Market News

Midday cash livestock markets

Direct cash cattle trade is off to its typically quiet start to the week.  Buyers and sellers are busy taking inventory and setting up showlists.  Bids and asking prices have yet to surface.  Significant trade volume will likely be delayed until Midweek or later.  The bulk of last week’s business took place on Wednesday with just a little cleanup trade on Friday.  Live deals in the South had a range of $154 to $155, about $3.50 to $4.50 higher than the prior week’s weighted averages.  Northern dressed business had a range of $243 to $247.50, mostly $245, about $3 higher than the previous week’s weighted average basis in Nebraska. 

Boxed beef is mixed at midday on light to moderate demand for light offerings.  Choice is $3 higher at $254.83 and Select is $1.35 lower at $233.02.  The Choice/Select spread is $21.81. 

In Missouri last week, feeders were steady to $5 higher on a moderate supply, even with the holiday-shortened week.  There were many large consignments of high-quality cattle.  Receipts were down on the week and down slightly on the year.  Feeder supply included 62% steers and 64% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 700 to 749 pounds brought $160 to $191 and feeder steers 801 to 848 pounds brought $176.50 to $186.25.  Medium and Large 1 feeder heifers 652 to 698 pounds brought $154.50 to $185.25 and feeder heifers 700 to 749 pounds brought $144 to $179.25. 

Cash hogs are lower at midday with solid negotiated purchases to start the day.  Processors have been in a pattern recently where they are moving solid numbers at lower prices and then significantly higher numbers a much higher prices.  That looks to continue.  Demand for US pork has held relatively solid on the global market and domestically, but there are concerns it could weaken as the global economy slows.  The industry is also watching the availability of market-ready hogs. Barrows and gilts at the National Daily Direct are $.66 lower with a base range of $80 to $87.50 and a weighted average of $81.73.  There was no comparison at the Iowa/Minnesota or the Western Corn Belt, but both had a weighted average of $85.52.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash market had no comparison but were at $60. At Illinois, slaughter sow prices were steady with light demand for light offerings at $49 to $61.  Barrows and gilts were steady with moderate demand for moderate offerings at $58 to $68.  Boars ranged from $30 to $35 and $9 to $19. 

Pork values are sharply higher at midday – up $9.80 at $97.43.  Bellies jumped more than $37.  Picnics were also sharply higher.  Butts, loins, and hams were higher.  Ribs were lower.