Market News
Cash cattle, hogs gain strength
The cattle market is slow to start following light to moderate business in the North yesterday at mostly $220, $3.00 higher than last week’s weighted average basis Nebraska. Packers raised bids because they need cattle. Higher boxed beef prices are also providing support. Some late Tuesday afternoon deals came in at $221 to $222. The South was quiet yesterday so it’s likely there’ll be trade developing there today or tomorrow. Asking prices are around $140 plus in the South, and $224 in the North.
Boxed beef is up again. Choice boxes at midday are $1.21 higher at $265.87, and select boxes are up $1.11 at $257.20.
There were almost 12,000 feeder cattle sold at auction in Missouri this past week. It was a light test, but compared to the week prior, feeders sold with mostly steady undertones.
Medium and large #1 steers:
267 head, weighing 502 to 549 pounds, brought $160.00 to $199.00.
455 head, weighing 600 to 647 pounds, brought $140.00 to $174.50.
237 head, averaging 820 pounds, brought $154.50 to $165.75.
Medium and large #1 heifers:
303 head, weighing 500 to 549 pounds, brought $140.00 to $165.00.
352 head, weighing 651 to 695 pounds, brought $135.00 to $160.50.
57 head, averaging 888 pounds, brought $133.00 to $145.00.
Cash hogs opened higher. There was support from higher pork cutouts, but those prices have backed off today. There’s some concern whether the hog slaughter pace can be maintained through the current COVID surge and workforce disruptions.
National Direct barrows and gilts are $.65 higher, ranging from $58.00 to $62.00, with a weighted average of $60.83.
The pork carcass cutout is $.86 lower at $86.03 midday. Loins are down $17.23, while hams are $11.65 higher.
