Market News

Midday cash livestock markets

Direct cash cattle trade activity is starting to pick up.  There are a few more asking prices being reported – those are at $127 to $130 live and $198 to $200 dressed.  Bids have been pretty slow to surface, but there are some reports of $197 dressed.  Look for packer inquiry to improve throughout the day.  But it is very likely significant trade volume will be delayed until sometime Thursday or even into Friday.  Today’s Fed Cattle Exchange has an offering of 542 head with zero head sold. 

Boxed beef is steady to firm at midday on light to moderate demand for moderate offerings.  Choice is $.05 lower at $212.16 and Select is $.85 higher at $206.72.  The Choice/Select spread is $5.44. 

At the Kingsville Livestock Auction in Missouri, receipts are down on the week and up on the year.  Compared to the most recent sale steers and heifers were steady with spots of $5 to $7 lower.  The weather has had a huge impact on the market as poor conditions look to worsen if the forecast for the coming week develops.  Both supply and demand were moderate.  Feeder supply included 57 percent steers and 50 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 602 to 637 pounds brought $156.75 to $163.60 and feeder steers 653 to 698 pounds brought $145.25 to $151.75.  Feeder heifers 550 to 595 pounds brought $133 to $145.25 and feeder heifers 652 to 696 pounds brought $129.50 to $142.50. 

Cash hogs opened weak with moderate negotiated purchase totals. Hog weights are down almost a pound this week at 285.8 pounds, but they are still up a pound on the year.  The total head count is up on the week and the year.  Weather will likely continue to play a role in the markets, especially with another round of winter weather expected to move in this weekend.  The market continues to struggle with an ample supply and uncertain demand.  Until there is more demand certainty, prices will have a hard time finding any significant support to move higher.  Barrows and gilts at the Iowa/Southern Minnesota opened $.50 lower with a range of $47 to $53 for a weighted average of $50.97; the Western Corn Belt opened $.36 lower with a range of $47 to $53 for a weighted average of $51.18; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $.06 lower with a range of $47 to $53 for a weighted average of $51.38. 

Butcher hogs at the Midwest cash markets are $1 higher in Red Oak, Iowa at $34 and $2 lower in Dorchester, Wisconsin at $32.

At Illinois, slaughter sow receipts are up on the week and the year.  Prices are steady at $17 to $31 with light to moderate demand for moderate offerings.  Barrow and gilt prices are steady at $30 to $36 with moderate demand for moderate offerings. 

Pork values are steady at midday – up $.20 higher at $70.53.  Bellies jumped $8.37 at midday.  Butts and ribs are firm to higher.  Picnics, loins, and hams are weak to lower.