Market News
A slow start to the week for cash livestock business
It was a quiet Monday for direct cash cattle trade activity, especially with many observing the President’s Day holiday. Bids and asking prices have yet to surface. Look for the bulk of the week’s business to be delayed until midweek or later.
At midsession, at the Oklahoma National Stockyards in Missouri, compared to last week feeder steers were $1 to $3 lower and heifers were $1 to $3 higher. Steer calves were $1 to $3 lower and heifer calves were $1 to $3 higher. The USDA says demand was moderate. Another big run this week with receipts up from last week and on the year. Feeder supply included 56% steers and 60% of the offering was over 600 pounds. Medium and Large 1 feeder steers 755 to 797 pounds brought $146.50 to $161 and feeder steers 800 to 847 pounds brought $150.75 to $159. Medium and Large 1 feeder heifers 650 to 696 pounds brought $148 to $168.50 and feeder heifers 706 to 749 pounds brought $140 to $155.
Boxed beef cutout values closed lower on light demand for relatively light offerings. Choice closed $1.76 lower at $264.09 and select closed $.79 lower at $261.84. The Choice/Select spread is $2.25. Estimated cattle slaughter is 108,000 head, down 13,000 on the week and 10,000 on the year. Saturday’s cattle slaughter was revised to 51,000 head.
Cash hogs closed firm with light negotiated purchases. Processors continue to monitor the availability of market-ready barrows and gilts. Demand has been strong for US pork on the global market and domestically, which has helped provide some price support. However, there are long-term demand concerns which have been putting some additional pressure on prices. Barrows and gilts at National Daily Direct closed sharply lower – down $4.22 with a base range of $82 to $92 and a weighted average of $82.56. Prices at the regional direct markets were not reported due to confidentiality.
Pork values closed firm – up $.18 at $110.09. While loins, bellies, picnics, ribs, and butts were all higher, hams were sharply lower. Estimated hog slaughter is 478,000 head, up 8,000 on the week and down 11,000 on the year. Friday’s hog slaughter has been revised to 465,000 head.
