Market News

Midday cash livestock markets

Direct cash cattle trade is quiet with just a few bids noted this morning.  Some early asking prices have been reported at $119 to $120 in the South.  The North remains fairly quiet with bids and asking prices limited.  Bids have been reported at $114 to $115 live.  It looks like significant trade volume will be delayed until sometime Thursday or Friday.

At the Fed Cattle Exchange, there was 704 head offered and 75 head sold for 1 to 9-day delivery at a weighted average price of $116.00.  Last week’s Exchange had 653 head offered with zero head sold.  The last Fed Cattle Exchange to record a sale was November 15.  That sale had 969 head offered and 617 head sold; 359 head sold for 1 to 9-day delivery with a weighted average price of $119.21.  The next event December 20, 2017.

Boxed beef is weak to lower at the midday on light to moderate box movement.  Choice is $1.05 lower at $203.01 and Select is $.11 lower at $185.81.

At the Callaway Livestock Center is Missouri, compared to last week steer calves were steady to $3.00 lower and yearling steers were not well tested and feeder heifers were steady to $4.00 higher.  Receipts totaled 2,001 head – down from last week.  The USDA says demand was good for a moderate supply.  Feeder supply included 67 percent steers and bulls and 48 percent of the offering was over 600 pounds.  Feeder steers, Medium and Large 1’s 500 to 550 pounds were $177.00 to $185.00 and Medium and Large 1’s 600 to 700 pounds were $160.00 to $167.50.  Feeder heifers, Medium and Large 1’s 500 to 600 pounds were $149.00 to $158.00 and Medium and Large 1’s 600 to 650 pounds were $146.50 to $156.00.

Cash hogs are lower at the midday.  Slaughter totals started the week off strong.  If packers want to maintain momentum, they may find it necessary to stabilize the cash market.  Early estimates for Saturday kill totals are closed to 245,000 head.

Barrows and gilts at the Iowa/Southern Minnesota are $1.01 lower with a range of $50.00 to $58.00 with a weighted average of $56.65; the Western Corn Belt is down $1.24 lower with a range of $50.00 to $58.00 and a weighted average of $56.37; the Eastern Corn Belt was not reported due to confidentiality; the National Daily Direct is $.54 lower with a range of $50.00 to $59.20 with a weighted average of $57.58.

Butcher hogs at the Midwest cash markets are steady to $36.00.

At the Interior Missouri Direct, barrows and gilts are steady at $50.00 to $53.00 with light to moderate supply and demand.  Sows are steady to $2.00 higher at $28.00 to $37.00.

At Illinois, slaughter sow prices are steady at $26.00 to $40.00 with moderate demand for moderate offerings.  Barrows and gilts are steady at $37.00 to $43.00 with moderate demand for moderate offerings.

Pork value is sharply lower – down $4.59 at $76.53.  The primals were mostly lower – led by the more than $16.00 drop in the belly and more than $8.00 drop in the hams.