Market News

Midday cash livestock markets

Direct cash cattle trade is still fairly quiet through midday following yesterday’s light business in Iowa and Nebraska.  There are a few token bids on the table at $107 live and $174 to $175 dressed.  Asking prices are at $110 to $112 live and $180 to $182 dressed.  We could see some business develop yet this afternoon, but it’s likely significant trade volume will be delayed until the latter half of the week.  Today’s Fed Cattle Exchange had an offering of 148 head with zero head sold. 

Boxed beef is steady to firm at midday on moderate demand for moderate offerings.  Choice is $.59 higher at $220.23 and Select is $.21 higher at $199.16. 

At the Kingsville Livestock Auction in Missouri, receipts are down on the week.  Compared to last week’s sale steers under 650 pounds were mostly $3 to $7 lower with heavier weights steady to $3 lower.  The loads of 900-pound steers were firm.  Heifers were steady to $4 lower.  The USDA says demand was moderate to good and despite the lower trend, the local cash market has held up well.  Supply was moderate and included several loads of yearlings.  Feeder supply included 60 percent steers and 50 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 663 to 685 pounds brought $144.85 to $154.75 and feeder steers 935 to 940 pounds brought $126.50 to $131.  Medium and Large 1 feeder heifers 512 to 548 pounds brought $146 to $154.50 and feeder heifers 556 to 586 pounds brought $142 to $148. 

Cash hogs opened lower with light to moderate negotiated purchase totals.  Supply and demand concerns are weighing heavily on the market.  Slaughter totals continue to run well above year-ago levels adding more pork to a market that is already saturated.  But a glimmer of hope remains as trade talks are expected to resume this week between the US and China while they’re in Japan.  There’s also some optimism that a trade agreement with Japan could also be in the works.  Both of those factors are supportive to a potential increase in demand and to prices.  Weekly estimated hog weights dropped this week to 283.8 pounds.  That’s down 0.8 of a pounds but is still 5.8 pounds higher than a year ago at this time, with significantly higher weights. 

Barrows and gilts at the National Daily Direct are $1.76 lower with a base range of $62 to $71.50 for a weighted average of $70.31.  Prices at the regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $1 lower at $52 to $53. 

At Illinois, slaughter sow prices were $1 lower at $23 to $35 with light to moderate demand for heavy offerings.  Barrow and gilt prices were weak at $47 to $51 with light to moderate demand for moderate offerings. 

Pork values are lower at midday – down $.95 at $74.63.  Ribs dropped $10.26.  Loins and bellies were sharply lower.  Butts were weak.  Hams and picnics were higher.