Market News

Midday cash livestock markets

Direct cash cattle trade activity is picking up some.  More bids have surfaced with live bids in the South at $121 and dressed bids in the North at $194.  Those are well below current asking prices of $125 plus in the South and $201 plus in the North.  It’s likely significant trade volume will be delayed until latter half of the week.  Today’s Fed Cattle Exchange had an offering of 477 head, in three lots, all marked for 1 to 9-day delivery.  Zero head sold. 

Boxed beef opened steady to firm on good demand for moderate offerings.  Choice is $.98 higher at $213.83 and Select opened $.13 lower at $212.03.  The Choice/Select spread is $1.80. 

At the Kingsville Livestock Auction in Missouri, compared to last week, steer calves traded unevenly steady as calves under 550 pounds were $5 to $10 lower, mid-weight steers were mostly steady and heavier weights were $3 to $5 lower.  Heifers were steady to $3 lower.  The USDA says overall the quality was below recent week’s sales. Demand was moderate for a light to moderate supply.  Receipts are down on the week.  Feeder supply included 65 percent steers and 41 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 606 to 636 pounds brought $153 to $164 and feeder steers 803 to 804 pounds brought $128.75 to $134.10.  Medium and Large 1 feeder heifers 477 to 497 pounds brought $145 to $152 and feeder heifers 550 to 571 pounds brought $135 to $142. 

Cash hogs opened mixed with solid negotiated purchases.  Hog weights jumped again this week to 287.3 pounds, that’s .7 of a pound more than last week and 3.2 pounds more than a year ago.  The increase adds even more pork to an already saturated market that continues to struggle with demand certainty.  While there is still hope US pork sales on the global market will jump significantly, those buys have yet to be realized and the industry is struggling to break out of its current price pattern.  Barrows and gilts at the National Daily Direct opened $.68 higher with a base range of $49 to $58 for a weighted average of $55.48; the Iowa/Southern Minnesota opened $.28 lower for a weighted average of $55.27; the Western Corn Belt opened $.28 lower for a weighted average of $55.27; the Eastern Corn Belt opened $2.38 higher for a weighted average of $55.77. 

Butcher hog prices at the Midwest cash markets are steady at $30 and $36.  At Illinois, slaughter sow prices were steady at $13 to $22 with moderate to good demand for heavy offerings.  Receipts were up on the week and the year.  Barrow and gilt prices were $1 to $2 higher with moderate to good demand for moderate to heavy offerings at $31 to $39. 

Pork values opened lower – down $2.85 at $73.03.  Loins and hams were sharply lower.  Butts were lower.  Picnics were weak.  Bellies steady and ribs opened firm.