Market News

Midday cash livestock markets

Direct cash cattle trade was relatively quiet to start the day following the light to moderate business that took place on Tuesday.  There are a handful of deals being reported in the South at $136, $1 lower than both Tuesday’s and the prior week’s business.  Asking prices are around $138 live in the South and $220 dressed in the North.  Previous deals this week have been at $137 live in the South, fully steady with last week’s business and $218 dressed, also fully steady with the previous week’s weighted average basis in Nebraska.  Today’s Fed Cattle Exchange had an offering of 2,904 head, all of which went unsold as they did not meet the reserve price. 

Boxed beef is lower at midday on light demand for moderate offerings.  Choice is $.88 lower at $291.50 and Select is $1.23 lower at $292.09.  The Choice/Select spread is $9.41. 

At the Interstate Regional Stockyards in Missouri, compared to last week feeder steers under 500 pounds were steady, steers 500 to 600 pounds were $3 to $5 lower and steers over 600 pounds were steady to $3 lower.  Feeder heifers were $1 to $4 higher.  The USDA says demand was moderate to good and supply was moderate.  Receipts were up on the week and the year.  Feeder supply included 51% steers and 46% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 519 to 543 pounds brought $176 to $195 and feeder steers 651 to 694 pounds brought $153.50 to $163.75.  Medium and Large 1 feeder heifers 554 to 598 pounds brought $148 to $160 and feeder heifers 666 to 676 pounds brought $149. 

Cash hogs opened higher with fairly light negotiated purchases.  The industry continues to monitor the availability of market-ready barrows and gilts. Demand for US pork has been strong on both the global market and domestically, which is expected to continue, at least for the time being.  However, there are some long-term concerns, which have added some volatility to prices.  Hog weights this week were up a tenth of a pound from last week and down a tenth of a pound from the previous year at 291.5 pounds. Barrows and gilts at the National Daily Direct are $1.56 higher with a base range of $61 to $77 and a weighted average of $62.81.  Prices at the regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $47. At Illinois, slaughter sow prices were $1 higher with moderate demand for moderate offerings at $31 to $42.  Barrows and gilts were $1 to $2 higher with moderate demand for moderate offerings at $39 to $48.  Boars ranged form $15 to $20 and $10 to $15. 

Pork values are higher at midday – up $3.42 at $95.88.  Hams and picnics are both sharply higher.  Bellies and butts are higher.  Loins and ribs are lower to sharply lower.