Market News

Midday cash livestock markets

Direct cash cattle markets are quiet. Packer inquiry is improving and it looks like widespread direct trade will wait for later today or maybe even Friday. Asking prices are $175+ on the live basis and $275+ dressed, with bids of $270 dressed in Nebraska. This week’s show list looks mixed, nearly unchanged in Kansas, at least a little lower in Texas, and higher in Nebraska and Colorado.

Boxed beef at midday was lower with light to moderate movement. Choice was down $4.85 at $286.63 and Select beef was $.64 lower at $259.68.

In Oklahoma last week, compared to the week before that, feeder steers were $2 to $5 higher and feeder heifers were steady to $4 higher in a light test. Steer calves were up $4 to $12 and heifer calves were $1 to $5 higher. The USDA says packer demand was moderate to good, very good for replacement cows and pairs. Receipts were down on the week and the year. 56% of the feeder offering were steers and 51% of all feeder cattle weighed less than 600 pounds. Medium and Large 1 feeder steers weighing 700 to 800 pounds sold at $188 to $243 and 800-to-900-pound steers ranged from $187 to $223. Medium and Large 1 feeder heifers weighing 400 to 500 pounds brought $234 to $295 and 600-to-700-pound heifers were reported at $191 to $240.

Cash hogs are steady to higher with light opening negotiated numbers for the major direct markets. Buyers are trying to stay current ahead of a slow weekend and slow start to next week because of New Year’s festivities. The recent trend in wholesale business indicates good retail holiday clearance and could continue to help keep a floor under prices heading into 2024. It looks like a recent burst of winter weather in the region had minimal impact on movement.

National direct barrows and gilts opened $1.74 higher with a base price range of $47 to $48 for a weighted average of $47.93. There are no recent comparisons for Iowa/Southern Minnesota and the Western Corn Belt, with both also reporting weighted averages of $47.93. The Eastern Corn Belt was not reported due to confidentiality. Butcher hogs at the Midwest cash markets are steady at $44. Illinois direct sows are steady at $28 to $40 with moderate demand for light to moderate offerings. Barrows and gilts are steady at $25 to $35 on moderate demand and offerings. Boars range from $5 to $20.

Pork at midday was up $.25 at $82.77. Loins, ribs, and bellies were modestly to sharply higher, while butts, picnics, and hams were sharply lower.