Market News

Midday cash livestock markets

Direct cash cattle trade activity is at a standstill.  Bids and asking prices have yet to surface, and it could take some time to generate interest as both sides are uncertain of where to even start.  Showlists this week are lower across all feeding areas.  While we could see a handful of deals develop this afternoon – significant trade volume isn’t expected until the latter half of the week. 

Boxed beef is firm to higher at midday on moderate demand for moderate offerings.  Choice is $1.39 higher at $222.01 and Select is $.42 higher at $196.99.  The Choice/Select spread is $25.02. 

At the Callaway Livestock Center in Missouri, receipts are down on the week and the year.  Compared to the most recent sale, steer calves 400 to 500 pounds sold with a higher undertone on a light test.  All other weights of steers were steady to firm.  Feeder heifers 500 to 725 pounds sold $3 to $6 higher on a light test with 4-weight heifers selling with a higher undertone.  The USDA says demand was moderate to good with supply moderate.  Feeder supply included 48 percent steers and 52 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 704 to 741 pounds brought $144.50 to $145.25 and feeder steers 961 pounds brought $123.60.  Medium and Large 1 feeder heifers 605 to 614 pounds brought $139.50 to $146 and feeder heifers 668 pounds brought $137.25. 

Cash hogs opened weak with moderate negotiated purchase numbers.  The market it struggling to break out its current pattern and move higher.  There is some renewed hope that demand for US pork will increase significantly on the global market, but that has yet to be realized.  South Korea has become the latest Asian country to detect African Swine Fever.  The disease continues to pressure the hog-supply in that part of the world.  The supply picture here in the US remains heavy, especially with the continued extremely large slaughter runs and the ample supply of ready barrows and gilts.  Barrows and gilts at the Iowa/Southern Minnesota opened $.49 lower for a weighted average of $45.28; the Western Corn Belt opened $.46 lower for a weighted average of $45.28; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct is $.83 lower with a base range of $43.50 to $46 for a weighted average of $44.26. 

Butcher hog prices at the Midwest cash markets are steady at $33.  At Illinois, slaughter sow prices were weak at $18 to $29 with moderate demand for heavy offerings.  Barrow and gilt prices were weak at $23 to $31 with light demand for moderate offerings.   

Pork values are firm at midday – up $.69 at $69.35.  Ribs and hams are higher.  Loins and picnics are firm.  Butts are steady.  Bellies are lower.