Direct cash cattle trade activity is quiet, which is typical for a Monday. Bids and asking prices are not yet established. It’s likely significant trade volume will be delayed until midweek or later. The bulk of last week’s business held out until Friday. Northern dressed deals had a full range of $178 to $181, mostly $178 to $180, steady to $2 higher than the prior week’s weighted average basis in Nebraska. Southern live deals had a full range of $113 to $114, mostly $114, $1 higher than the prior week’s weighted averages.
Boxed beef is mixed at midday on light to moderate demand for light offerings. Choice is $1.36 higher at $235.94 and Select is $.97 lower at $219.82. The Choice/Select spread is $16.12.
In Missouri last week, steers under 650 pounds were $3 to $5 higher with spots of $6 to $8 higher. Steers over 650 pounds were steady to $3 higher. Heifers were mostly $2 to $4 higher with some 500-to-600-pound heifers $6 higher. The supply of feeders was moderate, and demand was moderate to good with grazing-type cattle in highest demand. Receipts were up on the week and the year. Feder supply included 57 percent steers and 57 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers 600 to 648 pounds brought $132 to $161 and feeder steers 650 to 699 pounds brought $127 to $156.50. Medium and Large 1 feeder heifers 550 to 599 pounds brought $118 to $146 and feeder heifers 651 to 696 pounds brought $115 to $142.
Cash hogs are about steady at midday with light negotiated purchases. The industry has done a great job working through the backlog of hogs in the production system as a result of the slowdowns and shutdowns from the coronavirus pandemic. That’s good news as supplies of market-ready hogs are more than ample. Daily slaughter totals continue to push higher. The combination adds more pork to the market. Markets are cautiously optimistic demand for US pork will continue its strength both on the global market and domestically. Should a disruption occur, it would send prices tumbling. Barrows and gilts at National Daily Direct are $.30 higher with a base range of $55 to $62 for a weighted average of $60.64. Prices at the regional direct markets were not reported due to confidentiality.
Butcher hog prices at the Midwest cash markets are steady at $44.
Pork values are higher at midday – up $1.65 at $85.83.
