Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet through midday.  Bids have yet to surface and asking prices are at $125 live in the South and $200 to $205 dressed in the North.  While we’ve seen business kick off on Wednesday in recent weeks, it could be Thursday or Friday before significant trade volume develops.  Today’s Fed Cattle Exchange had an offering of 3,966 head of which none sold as reserve prices of $122 to $128 were not met. 

Boxed beef is higher at midday on good demand for moderate offerings.  Choice is $2.18 higher at $272.29 and Select is $1.36 higher at $267.90.  The Choice/Select spread is $4.39. 

At the Ozarks Regional Stockyards in Missouri, compared to last week steer calves under 550 pounds were $1 to $2 lower with heavier weights steady to $2 higher.  Heifer calves were steady to $3 higher.  There were too few yearlings to adequately test the market, but undertones were steady.  The market was not as active as recent weeks, but thin-fleshed turnout calves remained in high demand.  Receipts were down on the week, but up on the year.  Feeder supply included 46 percent steers and 31 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 553 to 596 pounds brought $165 to $178.50 and feeder steers 667 to 699 pounds brought $152.50 to $157.  Medium and Large 1 feeder heifers 500 to 543 pounds brought $148 to $155 and feeder heifers 603 to 631 pounds brought $140 to $145. 

Cash hogs are weak at midday with a large string of negotiated purchases to start the day.  Packers remain aggressive in their procurement efforts as they have been moving big runs recently.  The demand strength on both the global and domestic markets have been strong and that’s expected to continue.  And daily slaughter totals have been relatively high.  Hog weights increased just slightly on the week to 287.4 pounds, that’s up just 0.1 pounds from a week ago, but up 2.5 pounds on the year.  Barrows and gilts at the National Daily Direct were $.22 lower with a base range of $97 to $103 and a weighted average of $99.74.  Prices at the Iowa/Minnesota and the Western Corn Belt had no comparison but weighted averages of $102.35 and $102.19.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $66.  Pork values are higher at midday – up $.76 at $113.25.  Hams and ribs are sharply higher.  Picnics, butts, loins, and bellies are weak to sharply lower.