Market News

Midday cash livestock markets

Direct cash cattle trade is off to a sluggish start this morning.  There are a few early asking prices are starting out around $126 to $127 live in the South and $202 plus dressed in the North.  Packer inquiry is expected to improve as the week progresses, but significant trade volume will likely be delayed until the latter half of the week.  Today’s Fed Cattle Exchange had an offering of 561 head, a 112 head lot out of Kansas sold for a weighted average price of $124 for 1 to 9-day delivery. 

Boxed beef opened mixed with good demand for moderate to heavy offerings.  Choice is $.67 higher at $215.18 and Select is $.51 lower at $212.96.  The Choice/Select spread is $2.22. 

At the Tri-State Livestock Auction in Nebraska, compared to last week, steers under 600 pounds were $13 higher, over 600 pounds sold steady to $2 higher except steers 800 pounds, which were $2 lower.  Heifers were steady to $3 lower on comparable offerings.  The USDA says demand was good to moderate.  Receipts are down slightly on the week and the year.  Feeder supply included 54 percent steers and 63 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 661 to 693 pounds brought $150 to $160 and feeder steers 815 to 842 pounds brought $148 to $150.  Medium and Large 1 feeder heifers 621 to 641 pounds brought $138 to $151 and feeder heifers 767 pounds brought $145.50. 

Cash hogs opened steady to firm with moderate negotiated purchases.  The cash market is still searching for some indications that demand for US pork is growing significantly on the global market.  But, the hunt remains.  However, the expectations of increased pork buying from China are holding firm and that’s helping to keep prices supported.  Export sales reports will be heavily scrutinized to see if more pork is moving.  That’s a necessity for prices to move higher – especially has pork production is pegged to grow another 4 percent this year. 

Barrows and gilts are $.01 lower with a base range of $48 to $52.50 for a weighted average of $51.73; the Iowa/Southern Minnesota opened $.13 lower for a weighted average of $52.02; the Western Corn Belt opened $.01 higher for a weighted average of $51.99; the Eastern Corn Belt is $.38 higher for a weighted average of $51.58. 

Butcher hogs at the Midwest cash markets are $2 higher at $38.  At Illinois, slaughter sow prices are firm with moderate demand for moderate to heavy offerings at $12 to $20.  Barrow and gilt prices were firm with moderate demand for moderate offerings at $28 to $36. 

Pork values opened higher – up $1.39 at $79.58.  Hams, bellies, picnics, and ribs are higher.  Loins were weak and butts are lower.