Market News

Midday cash livestock markets

It’s a typically quiet start to the week for direct cash cattle trade activity.  Buyers and sellers are busy taking inventory and putting together showlists.  Trade volumes last week were light and it could get business off to an earlier start, but it could also follow the trend of recent weeks with significant trade volume holding out until sometime Thursday or Friday.  There was a light to moderate trade that took place late in the week with dressed business ranging from $257 to $262, mostly $260 to $262, $3 to $5 higher than the prior week’s weighted averages.  Live deals in the South were marked at mostly $164, about $2 higher than the previous week’s business. 

Boxed beef is mixed at midday on light to moderate demand for light offerings.  Choice is $.32 lower at $286.96 and Select is $1.97 higher at $279.05.  The Choice/Select spread is $7.91. 

In Missouri, last week feeders were steady to $5 higher.  The USDA says lighter-weight grazing-type cattle, generally under 650 pounds, were met with the best demand.  The supply of feeders was moderate, and demand is good to very good.  There were several bright spots at auctions throughout the week.  Receipts were up on the week and the year.  Feeder supply included 55% steers and 44% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 500 to 549 pounds brought $192 to $251 and feeder steers 600 to 648 pounds brought $179 to $226.50.  Medium and Large 1 feeder heifers 550 to 597 pounds brought $169 to $219.75 and feeder heifers 650 to 699 pounds brought $163 to $190. 

Cash hogs are about steady at midday with moderate negotiated purchases.  Demand seems to be on the uptick, especially when looking at recent export sales reports. That’s been helping provide much-needed price support.  It could also force packers to get more aggressive in their procurement efforts and bid up to move their needed numbers.  However, packers have been able to move at their own pace and if numbers aren’t needed, prices have been less than stellar.  Plentiful supplies of market-ready hogs give packers a little more flexibility. Barrows and gilts at the National Daily Direct are up $.02 with a base range of $71 to $79 and a weighted average of $77.85.  Prices at the regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $66.  At Illinois, slaughter sow prices were steady with light demand for light offerings at $50 to $62.  Barrows and gilts were steady with moderate demand for moderate offerings at $51 to $61.  Boars ranged from $15 to $20 and $10 to $13. 

Pork values are sharply higher – up $4.29 at $89.64.  Bellies jumped more than $21.  Butts and loins are also sharply higher.  Ribs are higher.  Picnics and hams are lower.