Market News

Midday cash livestock markets

Direct cash cattle trade is quiet with just a few scattered bids renewed at $108 live and $172 to $178 dressed.  There is still a widespread from the current asking prices of $115 live and $183 dressed.  Packer inquiry is expected to improve throughout the day – significant trade volume could be delayed until Friday.

At the Springfield Livestock Auction in Missouri, receipts are up on the week and the year.  Compared to last week, lightweight steers are $8 to $10 higher and heifer calves were steady to $6 higher.  Heavier weight steers and heifers were $5 to $7 higher compared to a limited test.  The USDA says demand was good and the supply was heavy.  Feeder supply included 51 percent steers and 47 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 500 to 600 pounds brought $163 to $180 and feeder steers 700 to 800 pounds brought $143.50 to $156.  Medium and Large 1 feeder heifers 500 to 600 pounds brought $138.50 to $155.25 and feeder heifers 700 to 800 pounds brought $132 to $134.

Boxed beef cutout values are mixed at midday on light to moderate box movement.  Choice down $.89 at $217.40 and Select is $.37 higher at $201.42.  The Choice/Select spread is at $15.98.

Cash hogs opened lower.  Chain speed has slowed – partially because of a reduction of available numbers and partially because of poor processing numbers.  Buyers have been trying to move more numbers at a lower cost all week. The market is nervous – there is a large hog supply and this negative trade rhetoric is ongoing.  Any disruption to trade would be costly to producers.

Barrows and gilts at the Iowa/Southern Minnesota opened $.43 lower with a range of $80.75 to $82.50 with a weighted average of $82.23; the Western Corn Belt opened $.44 lower with a range of $75 to $82.50 for a weighted average of $82.08; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct is $.47 higher with a range of $75 to $82.50 for a weighted average of $82.08.

Butcher hogs at the Midwest cash markets are steady at $56 to $58. At the Interior Missouri Direct, receipts are down on the week and the year.  Barrows and gilts are steady at $68 to $69 with light to moderate supply and demand.  Sows are steady at $34 to $44.  At Illinois, slaughter sow receipts are up on the week and the year.  Sow prices are steady at $36 to $53 with moderate demand for heavy offerings.  Barrows and gilts are $1 higher at $51 to $60 with moderate demand for moderate offerings.

Pork cutout values are weak – down $.18 at $84.70.  The primals are mostly higher, but the loins and the butts are significantly lower.