Market News

Midday cash livestock markets

Direct cash cattle markets are quiet. Aside from some clean-up, it looks like business might be over for the week. The bulk of activity was at $114 to $116 on the live basis and $184 to $185 dressed, about steady to $2 lower than the previous week’s weighted averages. Asking prices for what’s left on the showlist are around $117 to $118 live. The USDA’s Cattle on Feed report is out at 3 Eastern/2 Central. Most analysts expect the major categories to be above a year ago by significant margins.

Boxed beef at midday was higher with light to moderate movement. Choice was up $.71 at $221.50 and Select was $1.95 higher at $208.48.

At the MO-Kan Livestock Market feeder cattle sale in Missouri, steers weighing less than 650 pounds were steady to firm and heifers were steady to $6 higher. The USDA says demand was good to very good and the supply was heavy despite area weather. Receipts were up sharply on the week. 69% of the feeder offering were steers and 51% of feeder cattle weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 500 to 600 pounds sold at $160.50 to $175.75 and 925 head of steers averaging 714 pounds brought $160.50 to $165. Medium and Large 1 feeder heifers weighing 400 to 500 pounds were reported at $147 to $162.50 and 500 to 600-pound heifers ranged from $137.50 to $155.

Cash hogs are sharply lower with moderate opening negotiated sales for the major direct markets. Buyers want to save money and improve margins while still moving the needed supplies. China bought U.S. pork last week and sales are ahead of last year’s pace, but sustaining that pace is questionable. Mexico is more of a sure thing and some of the barriers to the USMCA have been removed, but the trade pact still needs to be enacted. Domestic demand is good, but there’s plenty of pork available and grilling season is off to a slow start in many areas because of weather.

Pork at midday was up $.90 at $83.52. Ribs gained $9.84, with loins sharply higher and picnics, hams, and bellies firm. Butts were down $3.61.

National direct barrows and gilts opened $2.52 lower at $72 to $78.53 with a weighted average of $77.96. The major regional direct markets were not reported due to confidentiality. The Midwest butcher hog markets are closed. Illinois direct sows are weak at $38 to $58 on light demand for light offerings. Barrows and gilts are weak at $50 to $58 with moderate demand and offerings. Boars range from $10 to $30.