Market News

Midday cash livestock markets

Direct cash cattle trade is quiet.  It looks like the bulk of this week’s business is complete.  There’s been a light to moderate trade develop across most areas this week, with wide price swings.  Northern dressed deals have had a full range of $170 to $187 and Southern live business has ranged from $105 to $118. 

Boxed beef is lower at midday on light demand for moderate offerings.  Choice is $6.42 lower at $265.85 and Select is $5.98 lower at $254.43.  The Choice/Select spread is $11.41. 

At the Douglas County Livestock Auction in Missouri, compared to the light test last week steer calves were steady to $5 lower, heifer calves were steady to $3 lower.  There were not enough yearlings on offer for an accurate comparison.  The USDA says demand was moderate for calves and yearlings.  Feeder supply included 54 percent steers and 26 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 510 to 548 pounds brought $141 to $153 and feeder steers 701 to 740 pounds brought $132.50 to $137.  Medium and Large 1 feeder heifers 450 to 498 pounds brought $130 to $139 and feeder heifers 615 to 638 pounds brought $119 to $125. 

Cash hogs opened steady to lower with moderate negotiated numbers.  The supply of market-ready hogs is more than ample.  Slaughter runs continue to increase and that’s helping to keep the supply chain running.  But, processors aren’t at pre-COVID-19 levels and that’s making it difficult to work through the hogs already backed up in the supply chain.  The unemployment rate fell significantly for May and that is good news for the domestic demand picture.  Barrows and gilts at the National Daily Direct are $1.01 lower with a base range of $28 to $34 for a weighted average of $31.96; the Iowa/Minnesota is $.12 lower for a weighted average of $32.56; the Western Corn Belt is $.12 lower for a weighted average of $32.56.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $20.  At Illinois, slaughter sow prices were steady with moderate demand for light offerings at $7 to $20.  Barrow and gilt prices were firm with light demand for heavy offerings at $16 to $20.  Boars ranged from $1 to $5. 

Pork values are higher at midday – up $2.90 at $77.75.  Picnics and butts were both sharply higher.  Bellies, loins, and hams were firm to higher.  Ribs were lower.