Market News

Midday cash livestock markets

Cash cattle country is off to a quiet start Monday after an active trade all of last week. Business started up on Monday last week and continued every day right through to Friday, albeit a very light trade each day. South live deals had a full range of $171 to $175, $2 to $3 lower than the previous week. Northern dressed business had a full range of $272 to $277, $4 lower than the week prior.

Boxed beef was lower at midday. Choice was down $1.82 at $295.64 and Select was $1.63 lower at $263.86. The Choice/Select spread was $31.78.

According to the Missouri Weekly Cattle Auction Summary, markets across the state last week were extremely volatile and uneven, however most sales were $5 to $15 lower. USDA says the overall supply of feeders was moderate. Extremely volatile futures markets continue to cause confusion to buyers and sellers at the auction barns as big daily swings for no fundamental reasons leaves everyone scratching their heads. Some of the better load lots of 8-weight steers topped out at $228.85, which was $18 lower than the top the week prior, however quality was also a factor in play when comparing to recent sales. Some load lots of 7-weight steers topped at $225.25, $13 lower on the week. The state’s feeder supply included 55% steers and 51% of the overall offering was over 600 pounds.

Cash hogs are modestly to sharply lower with light opening negotiated sales at the major direct markets. Buyers are following through on last week, using the available near-term numbers for leverage, while monitoring demand. Wholesale business has been mostly lower recently on slow domestic demand and while exports have held up well, there are questions about sustained global demand. Some weather-related movement issues are possible this week in parts of the region.

Barrows and gilts at the National Daily Direct were down $.57 with a base range of $52 to $60 and weighted average price of $56.22. The Iowa/Minnesota, Western Corn Belt, and Eastern Corn Belt were not reported due to confidentiality.

Butcher hogs at the Dorchester, Wisconsin and Garnavillo, Iowa markets are trending lower at $50; sows are lower at $39 to $42; boars are marked at $10 to $16.

Pork values were higher at midday – up $1.36 at $84.91. Bellies, hams, ribs, picnics, butts, and loins were all steady to higher.

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