Market News

Midday cash livestock markets

 

Direct cash cattle markets are at a standstill. Packer inquiry is very light and while asking prices are not well defined, they could start around $125 on the live basis. Widespread business isn’t expected to start until the second half of the week. Until then, buyers and sellers will monitor the futures market and wholesale trade, which may have turned its seasonal corner. This week’s offering at the Fed Cattle Exchange is 3,194 head, with results out late Wednesday morning.

Boxed beef at midday was higher with moderate movement. Choice was up $1.88 at $216.99 and Select was $.39 higher at $202.11.

At the Sioux Falls Regional Stockyards feeder sale Monday, there was a limited comparison because of the much lighter receipts for the last test two weeks ago. Steers weighing 850 to 900 pounds were firm, 900 to 950-pound steers were mostly $2 to $5 higher, and 950 to 1,000 pounders were steady to $2 higher. Heifers were steady to firm, with a narrow comparison. The USDA says demand was good with a very active market and varied quality and flesh. Medium and Large 1 feeder steers weighing 800 to 900 pounds sold at $130.50 to $141.50 and 900 to 1,000-pound steers were reported at $120.50 to $132.10. Medium and Large 1 feeder heifers weighing 600 to 700 pounds ranged from $142 to $166 and 800 to 900-pound heifers brought $118 to $129.50.

Cash hogs are mixed, with light opening negotiated numbers for the major direct markets. Closing receipts Monday were also light, so packers may not actually have raised bids enough after last week’s efforts to get current. This week’s slaughter is expected to be around 2.36 million head, with weekly kills probably staying below 2.4 million for the next couple of months. The USDA’s cold storage report had pork stocks at the end of March up 12% on the year, with a big jump in belly supplies.

Pork at midday was up $.58 at $68.45. Loins, butts, ribs, and bellies were sharply higher. Hams were weak and picnics lost $2.54.

Iowa/Southern Minnesota direct barrows and gilts opened $.12 higher at $55 to $58.50 for a weighted average of $58.10 and the Western Cornbelt is up $.14 at $53.50 to $58.50 with an average of $57.93, but national direct business is $.03 lower at $53.50 to $58.50 for an average of $57.70. Butcher hogs at the Midwest cash markets are steady at $35 to $44. Missouri direct butchers are steady at $45 to $52 on light to moderate supply and demand. Sows are steady at $30 to $44. Illinois direct sows are $1 lower at $31 to $43 with moderate demand for moderate offerings. Barrows and gilts are steady at $34 to $40, also with moderate demand and offerings. Boars range from $8 to $17.