Market News

Midday cash livestock markets

Direct cash cattle trade activity has been non-existent in this holiday-shortened week.  There was no reportable trade on Tuesday and it appears that packers and feedlots are in a standoff.  No bids have surfaced and asking prices have been scarce.   It is possible business could hold out until sometime Thursday or Friday. 

Boxed beef is sharply higher at midday on strong demand for moderate offerings.  Choice is $3.58 higher at $268.24 and Select is $2.05 higher at $241.92.  The Choice/Select spread is $26.32. 

At the Ozarks Regional Stockyards in Missouri, compared to last week lightly tested steer and heifer calves were steady to $3 higher, while well-tested yearling steers were $3 to $6 higher.  The USDA says demand was good on a light supply of calves and a heavy supply of yearlings.  There were more than 30 pot-loads of yearlings in the offering.  Receipts were down on the week and up on the year.  Feeder supply included 73% steers and 68% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 869 to 897 pounds brought $160.60 to $167.75 and feeder steers 920 pounds brought $164.25.  Medium and Large 1 feeder heifers 614 to 629 pounds brought $159 to $161.50 and feeder heifers 657 to 692 pounds brought $155.50 to $160. 

Cash hogs are sharply higher at midday with big negotiated purchases.  Processors started the day very aggressive in their procurement efforts and bid up to move their desired numbers.  The industry continues to monitor the availability of market-ready hogs.  Demand for US pork on the global market has been strong and that’s helping provide some price support. Barrows and gilts at the National Daily Direct are $7.28 higher with a base range of $112 to $127 and a weighted average of $121.16; the Iowa/Minnesota is $2.60 higher with a weighted average of $122.93; the Western Corn Belt is $1.13 higher with a weighted average of $123.03.  Prices at the Eastern Corn Belt were not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets are steady at $77. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $40 to $52.  Barrows and gilts were steady with moderate demand for moderate offerings at $74 to $83.  Boars ranged from $45 to $50 and $10 to $15. 

Pork values are lower at midday – down $3.06 at $111.42.  Bellies dropped nearly $24 at midday.  Hams were also lower.  Butts, loins, picnics, and ribs are higher to sharply higher.