Market News

Midday cash livestock markets

It’s a quiet Tuesday for direct cash cattle trade activity.  There are a few Southern asking prices noted at $110+ live – the rest of cattle country remains quiet.  No token bids have been floated just yet.  Showlists this week are slightly smaller to lower.  And it’s likely significant trade volume will be delayed until sometime midweek or later. 

Boxed beef is firm to higher at midday on light to moderate demand for light to moderate offerings.  Choice is $.75 higher at $220.88 and Select is $3.34 higher at $197.78.  The Choice/Select spread is $23.10. 

At the Callaway Livestock Center in Missouri, receipts are down on the week and the year.  Compared to last week, weaned steer calves and yearlings weighing 450 to 800 pounds and heifers weighing 400 to 700 pounds were steady to firm.  A pot load of 875 pounds steers sold with a higher undertone.  The USDA says demand was moderate to good, best on weaned calves with a vaccination program, and yearling cattle.  There was a light demand for unweaned calves.  Feeder supply included 58 percent steers and 49 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 500 to 548 pounds brought $167.25 to $171 and feeder steers 875 pounds brought $146.50.  Medium and Large 1 feeder heifers 656 to 682 pounds brought $145 to $150 and feeder heifers 705 pounds brought $150.35. 

Cash hogs opened steady – with very strong negotiated purchase numbers.  The industry really has its sights on one thing – the supply and demand picture.  It is still hopeful demand for US pork will see a significant increase on the global market as China and the rest of Asia continue to battle African Swine Fever.  With the record amount of pork coming online – that’s a necessity to keep pork prices supported or even eventually move higher.  Should there be a disruption to demand – it would send pork prices tumbling.  Barrows and gilts at the Iowa/Southern Minnesota opened $.21 lower for a weighted average of $57.18; the Western Corn Belt opened $.13 lower for a weighted average of $57.18; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $.20 lower with a base range of $51 to $58 for a weighted average of $56.91. 

Butcher hog prices at the Midwest cash markets are steady to $2 lower at $42 to $44.  At Illinois, slaughter sow prices were $2 to $3 higher at $28 to $40 with very good demand for moderate to heavy offerings.  Barrow and gilt prices were firm at $36 to $41 with good demand for moderate offerings. 

Pork values opened lower – down $1.80 at $76.73.  Bellies dropped nearly $11 this morning.  Ribs and loins were also lower.  Hams were steady.  Butts and picnics were higher.