Market News

MIDDAY CASH LIVESTOCK MARKETS

Light trade is developing in the South at $120, about a dollar higher than last week’s weighted averages. Asking prices are coming in around $122 in the South and $200 plus in the North. Packer demand is expected to increase as the day goes on. Beef cutouts are expected to move higher on light to moderate box movement.

Boxed beef is higher at midday on good demand for light to moderate offerings – choice is up $2.72 at $272.45 and select is up $1.57 at $255.51. The Choice/Select spread is $16.93.

At the Springfield Livestock Marketing Center in Missouri, compared to last week, feeder steers under 500 pounds sold $3 to $6 higher, steers over 500 pounds sold steady to $6 lower. Feeder heifers were unevenly steady. USDA says demand was good on light supply. Feeder supply included 40 percent steers and 47 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers 557 to 590 pounds brought $163 to $171 and feeder steers 653 to 728 pounds brought $147 to $158. Medium and Large 1 feeder heifers 552 to 598 pounds brought $144 to $146 and feeder heifers 602 to 638 pounds brought $133 to $143. 

Cash hogs opened steady with fairly light negotiated numbers.  The market will be closely watching the development of African Swine Fever in the Dominican Republic. Processors continue to monitor the availability of market-ready barrows and gilts.  Overall, the strong demand for US pork on the global market and domestically has been largely supportive to prices.  The industry does expect that to continue.  However, should a disruption occur, it would likely send prices tumbling.

The National and regional hog markets were not reported at midday due to confidentiality. On Wednesday, the National Daily Direct closed $2.20 lower with a weighted average of $103.44. The Iowa Minnesota had a weighted average of $106. 21. The Western Cornbelt had a weighted average of $105.71. The Eastern Cornbelt had a weighted average of $103.09.

At Illinois, slaughter sow prices were $1 higher with good demand for heavy offerings at $64 to $81.  Barrow and gilt prices were mixed with moderate to good demand for light to moderate offerings at $65 to $75.  Boars ranged from $10 to $50. 

Pork values are higher at midday – up $1.69 at $125.18. Hams and bellies are sharply higher, both up more than $7. Ribs are down almost a dollar. Loins and butts are more than a dollar lower, and picnics are more than $2.50 lower.