Why It Matters
The muted cattle activity and soft hog pricing signal a balance‑of‑supply environment that could pressure producer margins, while modest shifts in beef cuts hint at evolving consumer preferences.
Key Takeaways
- •Cattle cash market remains quiet, prices stagnant
- •Wheeler auction steers under 650 lb rose $5‑16
- •USDA reports good demand, moderate supply, receipts up
- •Boxed beef Choice price fell $0.45, Select rose $0.26
- •Hog rolling averages near $87, demand remains uncertain
Pulse Analysis
The current lull in cash cattle transactions reflects a broader seasonal slowdown, but regional price differentials hint at underlying market tension. Nebraska’s $238 live bids contrast with Texas’s $245‑247 asking range, suggesting producers are holding out for better terms later in the week. This restraint can compress margins for cow‑calf operators, especially those reliant on immediate cash sales, and may prompt a shift toward forward contracts or feedlot placements where price certainty is higher.
Feeder cattle pricing offers a nuanced picture. USDA’s assessment of good demand against moderate supply aligns with the observed price bands: medium‑large steers (500‑528 lb) fetched $491‑$527, while larger steers (603‑640 lb) settled lower at $442‑$470. Heifer prices followed a similar tiered structure, indicating that weight class continues to drive valuation more than breed or genetics. Meanwhile, boxed beef spreads narrowed, with Choice slipping $0.45 to $364.39 and Select edging up $0.26 to $363.29, a spread of $1.10 that may influence retailer pricing strategies and consumer purchasing decisions.
The hog segment mirrors the cattle market’s cautious tone. Despite abundant market‑ready hogs and weights surpassing year‑ago levels, processors are not accelerating purchases, keeping the five‑day rolling average around $87 per head. This surplus, coupled with lingering global trade uncertainties, has nudged pork values down $0.78 to $94.87, with ribs and loins hit hardest. As supply outpaces demand, producers may need to explore value‑added channels or adjust feeding programs to mitigate margin erosion. The prevailing environment underscores the importance of agile marketing and inventory management across the livestock supply chain.
Midday cash livestock markets
Midday cash livestock markets
Direct cash cattle business remains quiet. A few bids have been floated in parts of Nebraska at $238 live and $378 dressed, but those are being passed. Asking prices are at $245 to $247 live in Texas, but still haven’t been established in other areas. It looks like business is going to wait until the very end of the week to take place.
At the Wheeler Livestock Auction in Missouri, steers weighing less than 650 pounds were mostly $5 to $16 higher. Steers weighing more than 650 pounds sold with a steady undertone. Four‑weight heifers sold with a sharply higher undertone. Heifers 500 pounds and up were uneven from $2 lower to $10 higher. The USDA says demand was good for all classes in the offering on a moderate supply. Receipts were up on the week. Feeder supply included 46 % steers with 43 % of the offering weighing more than 600 pounds. Medium and Large 1 feeder steers 500 to 528 lb brought $491 to $527.50 and feeder steers 603 to 640 lb brought $442.50 to $470. Medium and Large 1 feeder heifers 552 to 554 lb brought $426 to $443 and feeder heifers 601 to 612 lb brought $385 to $395.
Boxed beef was mixed at midday with light and moderate demand for light offerings. Choice was $.45 lower at $364.39 and Select was $.26 higher at $363.29. The Choice/Select spread was $1.10.
Cash hog prices were not reported at midday with very light negotiated purchases. This very slow end to the week isn’t a big surprise. Processors likely have needed numbers on hand and won’t need to get aggressive in their procurement efforts. The industry continues to navigate available supplies of pork vs. demand. Market‑ready hogs are ample and hog weights are still running above year‑ago levels, which adds to pork supplies. Demand, however, continues to navigate uncertainty when it comes to both global and domestic markets. The five‑day rolling average for Barrows and Gilts at the National Daily Direct was $86.91. It’s $87.03 for the Iowa/Minnesota and the five‑day rolling average for the Western Corn Belt was $86.93.
Butcher hog prices at the Midwest cash markets are steady at midday at $66. In Illinois, slaughter sow prices were $2 higher with moderate demand for light offerings at $49 to $61. Barrows and gilts were steady with moderate demand for moderate offerings at $45 to $55. Boars ranged from $8 to $15 and $5 to $8.
Pork values were lower at midday, down $.78 to $94.87. Ribs were sharply lower. Picnics, butts, and loins were lower. Bellies were weak. Hams closed higher.
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