Market News

Midday cash livestock markets

Direct cash cattle trade is quiet following the light to moderate business that took place on Tuesday.  Bids are scattered in parts of Nebraska and Iowa at $142 live and $225 to $228 dressed.  Asking prices are at $138 to $140 live in the South and $230 plus dressed in the North.  Packer inquiry is expected to improve as the day progresses.  So far this week deals in the South are at $136 live, about $.50 lower than last week’s weighted averages.  Today’s Fed Cattle Exchange had an offering of 1,577 head, of which just 114 head sold at $133.50. 

Boxed beef is lower at midday on light demand for relatively light offerings.  Choice is $1.34 lower at $271.23 and Select is $.43 lower at $243.30.  The Choice/Select spread is $27.93. 

At the Ozarks Regional Stockyards in Missouri, compared to last week steer and heifer calves were steady to $4 lower with spots of $6 lower.  Yearling feeder steers were $4 higher while yearling heifers were not well tested.  The USDA says demand was good on a moderate supply and quality was below average, especially in the steer offerings.  There were a lot short-weaned and bull calves on offer.  Receipts were down on the week and up slightly on the year.  Feeder supply included 50% steers and 37% of the offerings were over 600 pounds.  Medium and Large 1 feeder steers 650 to 694 pounds brought $176 to $181 and feeder steers 756 to 789 pounds brought $166 to $170. Medium and Large 1 feeder heifers 552 to 598 pounds brought $159 to $176 and feeder heifers 603 to 620 pounds brought $157 to $164.50. 

Cash hogs are sharply higher with huge negotiated morning purchases.  Demand for US pork has been strong, helping provide price support.  The industry continues to monitor the availability of market-ready hogs.  Processors were very aggressive in their procurement efforts and bid up to move their desired numbers.  Barrows and gilts at the National Daily Direct are $5.82 higher with a base range of $111 to $130 and a weighted average of $123.31; the Iowa/Minnesota and the Western Corn Belt had no comparisons, but weighted averages of $127.14 and $127.20; the Eastern Corn Belt was $.56 lower with a weighted average of $117.70. 

Butcher hog prices at the Midwest cash markets are steady at $80. 

Pork values are lower at midday – down $3.34 at $121.78.  Bellies dropped more than $16 at midday.  Hams are sharply lower, and loins are lower.  Picnics, butts, and ribs are higher to sharply higher.