Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a slow start.  A few early asking prices have been reported around $103+ live in the South and $167 to $170 dressed in the North.  Bids have yet to surface.  While we could see a few deals develop this afternoon, 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 1,229 head with 281 head sold for 1 to 9-day delivery for a weighted average price of $101.13. 

Boxed beef is lower at midday on light demand for heavy offerings.  Choice is $1.21 lower at $218.56 and Select is $2.16 lower at $191.75.  The Choice/Select spread is $26.81. 

At the Ozarks Regional Stockyards in Missouri, receipts are down on the week and the year.  Compared to the most recent sale, feeder steers and heifers traded $3 to $6 higher.  The USDA says demand was good on a light to moderate supply.  The recent gains in the cattle futures did help demand, especially in long-weaned and vaccinated calves, while others were sharply discounted.  Feeder supply included 48 percent steers and 38 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 602 to 639 pounds brought $140 to $150 and feeder steers 837 to 847 pounds brought $131 to $35.  Medium and Large 1 feeder heifers 452 to 499 pounds brought $133 to $145 and feeder heifers 554 to 594 pounds brought $130 to $137. 

Cash hogs opened weak with strong negotiated purchase numbers.  It’s been a buyers’ market as of late and that’s adding more pressure to hog prices.  While there has been some renewed hope demand for US pork will increase significantly on the global market, that has yet to be realized.  Meanwhile, the supply of ready barrows and gilts continues to grow and with slaughter runs continuing well above year-ago totals, there is more pork coming online while the market is already saturated.  Hog weights this week declined for the Iowa/Southern Minnesota region to 281.3 pounds.  While that is slightly below last week’s averages weights of 281.5 pounds, it is still 3.1 pounds more than year-ago levels.  Barrows and gilts at the Iowa/Southern Minnesota opened $.33 lower for a weighted average of $45.07; the Western Corn Belt opened $.31 lower for a weighted average of $45.07; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $.61 lower with a base range of $42 to $46 for a weighted average of $44.48. 

Butcher hog prices at the Midwest cash markets are lower in Red Oak, Iowa at $30 and are $2 lower in Dorchester, Wisconsin and Garnavillo, Iowa at $31.  At Illinois, slaughter sow prices were $3 lower at $15 to $26 with light to moderate demand for heavy offerings.  Barrow and gilt prices were firm at $25 to $31 with light to moderate demand for moderate offerings. 

Pork values are weak at midday – down $.74 at $67.47.  Loins dropped $4.42 this morning.  Butts and bellies are weak.  Ribs are firm.  Ham and picnics are higher.