Market News

Midday cash livestock markets

Direct cash cattle markets are mostly quiet. There’s very light trade in Kansas at $115 live and Iowa at $185 dressed, steady with the light activity Tuesday. Most of the major feeding areas are at a standstill. Asking prices are $117 to $119 live and $187+ dressed with bids of $115 live and $185 to $186 dressed, with widespread interest either developing today or maybe waiting until after Friday’s USDA Cattle on Feed report. This week’s offering at the Fed Cattle Exchange was 309 head, 0 sold.

Boxed beef at midday was steady to higher with moderate movement. Choice was up $1.01 at $220.59 and Select was unchanged at $206.58.

At the Kingsville Livestock Auction feeder cattle sale in Missouri, steers and heifers were steady to $5 higher, except for 550 to 600-pound steers, which were up $10 because of strong demand. The USDA says supply was moderate and receipts were down modestly on the week. Medium and Large 1 feeder steers weighing 500 to 600 pounds were reported at $154 to $177.50 and 600 to 700-pound steers ranged from $151.50 to $169.50. Medium and Large 1 feeder heifers weighing 400 to 500 pounds brought $145.50 to $155.50 and 108 heifers averaging 953 pounds sold at $115.

Cash hogs are lower with light to moderate opening negotiated sales at the major direct markets. Buyers are continuing their efforts to improve margins by limiting spending, while still moving the needed numbers. The industry is also waiting to see what happens with various trade proposals. The expected demand from China has not surfaced and negotiations have stalled, but a deal with Japan and full implementation of the USMCA would be positives. Cold Storage numbers are out at 3 Eastern/2 Central. The average Iowa/Southern Minnesota barrow and gilt weight for the week ending May 18th was 285.1 pounds, down 1 pound on the week, but up 1.2 on the year.

Pork at midday was down $.64 at $86.43. Ribs were up, while the other primal cuts were weak to lower.

National direct barrows and gilts opened $1.49 lower at $72 to $81 for a weighted average of $79.34. The major regional direct markets were not reported due to confidentiality. The Midwest butcher hog markets are closed for the rest of the week. Illinois direct sows are $1 to $4 lower at $40 to $61 with light demand for moderate to heavy offerings. Barrows and gilts are weak at $50 to $58 on moderate demand and offerings. Boars range from $10 to $30.