Market News

Midday cash livestock markets

Another relatively quiet start for direct cash cattle trade.  Bids have yet to surface.  Asking prices are around $138 to $140 live in the South, but still not fully established out of the North.  Packer inquiry is expected to pick up as the day progresses, but it is possible significant trade volume could be delayed until Thursday or later.  Today’s Fed Cattle Exchange was a non-starter with an offering of 1,035 head, none of which sold. 

Boxed beef is lower at midday on light demand for solid offerings.  Choice is $1.29 lower at $263.44 and Select is $.88 lower at $236.82.  The Choice/Select spread is $26.62. 

At the Ozarks Regional Stockyards in Missouri, compared to last week steer calves traded mostly steady while some better-tested six-weights were $6 higher.  The best tested eight-weight feeder steers were $4 higher.  Heifer calves were steady to $2 higher.  The USDA says demand was good on a light supply.  The offering was mostly below-average quality calves.  Recent rainfall has helped improved drought conditions in some areas.  Receipts were down on the week and the year.  Feeder supply included 51% steers and 40% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 602 to 643 pounds brought $189 to $202 and feeder steers 884 pounds brought $168.10.  Medium and Large 1 feeder heifers 552 to 575 pounds brought $165 to $173 and feeder heifers 605 to 648 pounds brought $159 to $169.50. 

Cash hogs were sharply higher at midday with big, negotiated purchases. Processors are bidding up to move their desired numbers and started the day aggressive in procurement efforts.  The industry continues to monitor the availability of market-ready hogs.  Demand for US pork on the global market has been strong, providing price support. Barrows and gilts at the National Daily Direct are $11.76 higher with a base range of $115.50 to $138 and a weighted average of $130.35; the Iowa/Minnesota is $7.65 higher with a weighted average of $135.02; the Western Corn Belt is $7.88 higher with a weighted average of $135.25; the Eastern Corn Belt had no comparison but a weighted average of $122.93.

Butcher hog prices at the Midwest cash markets are steady at $75. At Illinois, slaughter sow prices were $3 higher with good demand for heavy offerings at $71 to $83.  Barrows and gilts were steady with moderate demand for moderate offerings at $77 to $86.  Boars ranged from $45 to $55 and $10 to $20.

Pork values were weak at midday – down $.05 at $123.80.  Ribs and butts were sharply lower.  Bellies are lower.  Hams, loins, and picnics were higher to sharply higher.