Market News

Midday cash livestock markets

Direct cash cattle trade activity remains quiet through midday.  Bids have been elusive.  There are just a few asking prices that have been reported at $185 to $186 live in the South, the North still isn’t established.  While some business could develop yet today, it’s more than likely significant trade volume is going to hold out until sometime Thursday or Friday.

Boxed beef is lower at midday on light demand for heavy offerings.  Choice is $.45 lower at $293.92 and Select is $1.01 lower at $288.94.  The Choice/Select spread is down to $4.98.

At the Interstate Regional Stockyards in Missouri, feeder steers were steady this week, and feeder heifers were steady to $5 lower as lighter weights saw a drop in price.  The USDA says demand was good to very good, and the supply was moderate.  There were several consignments of good-quality fall calves this week.  Receipts were down on the week and the year.  Feeder supply included 56% steers and 29% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 500 to 544 pounds brought $308 to $325 and feeder steers 600 to 640 pounds brought $283 to $303.  Medium and Large 1 feeder heifers 503 to 538 pounds brought $275 to $298, and feeder heifers 600 to 642 pounds brought $239 to $249. 

Cash hogs are up at midday with solid negotiated purchases. The cash hog market continues to find strength in demand.  Processors have been more aggressive and have been bidding up as more hogs are needed to fill this uptick in slaughter pace.  Demand for US pork on the global market has been strong and remains a bright spot for the cash hog market.  Domestic demand has been showing some strength.  Both provide overall support to the market.  The industry continues to monitor total production, specifically hog weights, which were up slightly on the week and up more than a pound from year-ago levels. Barrows and gilts at the National Daily Direct are $.34 higher with a base range of $93.36 to $95 and a weighted average of $91.06; the Iowa/Minnesota is $.08 higher with a weighted average of $90.77; the Western Corn Belt is up $.36 with a weighted average of $90.77; no comparison at the Eastern Corn Belt but a weighted average of $91.55.

Butcher hog prices at the Midwest cash markets are steady in Dorchester, Wisconsin at $50 and steady in Red Oak, Iowa at $59.  At Illinois, slaughter sow prices were $3 lower with moderate demand for moderate offerings at $39 to $51.  Barrows and gilts were steady with moderate demand for moderate offerings at $51 to $61.  Boars ranged from $18 to $28 and $8 to $15. 

Pork values were weak at midday – down $.38 at $98.38.  Bellies were sharply lower.  Butts were weak.  Ribs, hams, picnics, and loins were firm to higher.