Market News

Midday cash livestock markets

It’s a typically quiet Monday for direct cash cattle business.  Buyers and sellers are busy taking inventory and collecting showlists.  Bids and asking prices are slow to surface and significant trade volume will likely be delayed until midweek or later.  Business last week was at $262 to $268 dressed, mostly $264 to $265, which was steady to $1 higher than the prior week’s weighted average basis in Nebraska.  Southern live deals were at mostly $162 to $163, $1 lower than the prior week’s business. 

Boxed beef is higher at midday on solid demand for very light offerings.  Choice is $.28 higher at $280.16 and Select is $.61 higher at $269.36.  The Choice/Select spread is $10.80. 

In Missouri last week, feeders under 700 pounds were steady to mostly $5 lower.  Feeders over 700 pounds were steady to $2 lower.  Heifers were uneven, from $2 lower to $2 higher.  The USDA says the supply of feeders was light to slightly moderate.  Demand was moderate.  Receipts were down on the week and the year.  Feeder supply included 49% steers and 47% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 596 pounds brought $202 to $245 and feeder steers 601 to 648 pounds brought $200 to $235.  Medium and Large 1 feeder heifers 450 to 497 pounds brought $195 to $236 and feeder heifers 500 to 549 pounds brought $182 to $225. 

Cash hogs were weak at midday with solid purchases.  The cash hog market has been anything but consistent lately and has struggled to find support.  Supplies of market-ready hogs have been ample, giving packers a little more leverage.  Much of the market will be looking ahead to Thursday’s Quarterly Hogs and Pigs report to see if there has been contraction or some growth in the industry.  Demand, overall, has held relatively strong both globally and domestically.  But, uncertainty surrounding the economy creates even more volatility for prices. Barrows and gilts at the National Daily Direct are $.15 lower with a base range of $69 to $77 and a weighted average of $76.03.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are sharply lower than the last reported test at $40. 

At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $45 to $57.  Barrows and gilts were steady with moderate demand for moderate offerings at $46 to $58.  Boars ranged from $15 to $25 and $8 to $15. Pork values are sharply higher at midday – up $4.42 at $85.47.  Bellies were up more than $22 a midday.  Picnics were also sharply higher.  Butts, ribs, and hams were higher. Loins were lower.