Market News

Midday cash livestock market

Direct cash cattle trade is quiet with bids and asking prices not well defined.  This week’s offering is generally larger – with the most growth in the South.  Nebraska is the only state showing a smaller total of ready steers and heifers.  Tomorrow’s Fed Cattle Exchange has just 488 total head. Significant trade volume will likely be delayed until Thursday or Friday.

At the Callaway Livestock Center in Missouri, receipts are up on the week and the year.  Compared to last week, steer calves and all weights of heifers were steady to $5 higher.  There were limited comparisons to last week’s offering of mostly calves, but yearling steers sold with a sharply higher undertone.  The USDA says supply was heavy, but demand was moderate to good.  Feeder supply included 54 percent steers and 67 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 600 to 700 pounds brought $167 to $176.50 and feeder steers 700 to 800 pounds brought $150 to $164.  Medium and Large 1 feeder heifers 600 to 700 pounds brought $146 to $152.25 and feeder heifers 700 to 800 pounds brought $137.75 to $144.75.

Boxed beef cutout values opened higher on moderate demand for light to moderate offerings.  Choice up $1.12 at $209.55 and Select up $1.87 at $201.53.  The Choice/Select spread is $8.02.

Cash hogs opened lower.  The market continues its path of destruction.  The hog supply is ample, and the demand picture is uncertain.  That combination is doing nothing to help the market settle.  Any further disruption would be even more detrimental to producers.  Barrows and gilts at the National Daily Direct are $1.10 lower with a range of $42 to $43.50 for a weighted average of $42.63; the Western Corn Belt is $1 lower with a range of $42.50 to $43.50 for a weighted average of $42.62.  The Iowa/Southern Minnesota and the Eastern Corn Belt were not reported due to confidentiality.

Butcher hogs at the Midwest cash markets are steady at $36.  At Illinois, slaughter sow receipts are down on the week and even on the year.  Prices are steady at $20 to $32 with light to moderate demand for moderate offerings.  Barrows and gilts are $2 lower at $20 to $32 with light to moderate demand for moderate offerings.

Pork cutout values opened lower – down $.74 at $70.27.  The primals are mixed with the largest declines in the picnics, and loins.  The bellies are steady while the ribs, hams, and butts all are higher.