Market News

Midday cash livestock markets

Direct cash cattle trade activity is improving.  There are a few starter bids on the table at $123 to $125 live and $205 dressed.  That’s still quite a ways from current asking prices of $130 live and $212 dressed.  The distance between the two could delay significant trade volume.  Today’s Fed Cattle Exchange had an offering of 461 head, with 124 sold on 1 to 9-day delivery for a weighted average price of $127.  That could help jump-start some business today. 

Boxed beef is steady to weak at midday with light demand for moderate to heavy offerings.  Choice is $.40 lower at $233.71 and Select is $.14 lower at $221.12.  The Choice/Select spread is $12.59. 

At the Kingsville Livestock Auction in Missouri – receipts are down on the week.  Compared to the previous sale, steers and heifers were steady with spots of $3 higher.  The supply was light, but the quality and demand were good.  Feeder supply included 53 percent steers and 30 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 451 to 497 pounds brought $181 to $193 and feeder steers 550 to 599 pounds brought $173 to $185.75.  Medium and Large 1 feeder heifers 475 to 498 pounds brought $160.40 to $170 and feeder heifers 529 to 549 pounds brought $148.25 to $163.50. 

Cash hogs opened steady with moderate negotiated purchase totals.  There are still a lot of outside factors impacting how the market is moving. The spread of African Swine Fever is one of those. Demand for US pork is expected to increase as China turns to the global market to meet its protein needs. But that’s yet to materialize and the trade is growing weary if demand will actually increase. Trade talks with China have reportedly made some progress – and negotiators are close… but still not there yet.  Market ready supplies of barrows and gilts remain ample and slaughter runs have continued at a record or near record large pace almost daily – demand remains a key factor to supporting pork prices. 

Average hog weights this week are at 286.1 pounds, down 0.4 of a pound on the week and down 0.1 pound for the year. 

Barrows and gilts at the National Daily Direct were unchanged with a range of $73 to $83 for a weighted average of $80.57.  Prices at the regional direct markets were not reported at midday due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $55. 

At Illinois, slaughter sow prices were $2 to $4 higher on lighter sows, prices are $48 to $60 with very good demand for light to moderate offerings.  Barrow and gilt prices were firm at $51 to $60 with good demand for moderate offerings. 

Pork values are firm at midday – up $.87 at $89.79.  Hams, ribs, and bellies are all higher.  Butts are firm.  Picnics and loins are weak to lower.