Market News

Midday cash livestock markets

Direct cash cattle trade has been slow to pick up.  Bids have surfaced at $85 live in the South and $297 to $298 dressed in the North.  That’s still quite a few dollars from current asking prices, which are around $186-plus live in the South and $300 to $302 dressed in the North.  There was some light trade that took place in Kansas at $185 live and a handful of dressed deals in Nebraska at $298, but it certainly wasn’t enough to establish an accurate price trend. More business will likely take place over the balance of the week.

Boxed beef is mixed at midday with light to moderate demand for moderate offerings.  Choice is $.28 lower at $308.30 and Select is $2.68 higher at $301.11.  The Choice/Select spread is $7.19.

At the OKC West Livestock Auction in Oklahoma, feeder steers and heifers were full $5 to $10 lower.  The USDA says demand was light to moderate.  Steer and heifer calves sold $5 to $10 lower with moderate demand.  Receipts were down slightly on the week and down on the year.  Feeder supply included 59% steers and 77% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 750 to 775 pounds brought $251 to $259 and feeder steers 852 to 895 pounds brought $224 to $241.  Medium and Large 1 feeder heifers 842 to 845 pounds brought $226.50 to $227.50 and feeder heifers 903 to 946 pounds brought $209.50 to $220.

Cash hogs are mixed at midday with moderate negotiated purchases. While prices have been a bit lower this week, the cash hog market continues to find support in demand.  Global demand continues to be a bright spot and this past week was no exception as net sales hit a marketing-year high and were up 64% on the previous week and up 74% from the prior 4-week average.  All eyes will be on this afternoon’s Quarterly Hogs and Pigs report.  And the industry continues to monitor the availability of market-ready hogs and hog weights. Barrows and gilts at the National Daily Direct are $1.48 higher with a base range of $74.50 to $84 with a weighted average of $81.50; the Iowa/Minnesota was $.56 lower with a weighted average of $80.20; the Western Corn Belt is $.17 higher with a weighted average of $80.20.  Prices at the Eastern Corn Belt were not reported due to confidentiality.

At Illinois, slaughter sow prices were steady with moderate demand for moderate to heavy offerings at $50 to $62.  Barrows and gilts were steady with moderate demand for moderate offerings at $43 to $53.  Boars ranged from $15 to $25 and $8 to $15. 

Pork values were higher at midday – up $.71 at $94.77.  Butts, hams, and loins were higher.  Picnics, bellies, and ribs were lower to sharply lower.