Market News

Midday cash livestock markets

There’s a light direct cash cattle trade underway.  Live deals in the South are at $155, fully steady with last week’s weighted averages.  Some live bids in Nebraska have been floated at $156 to $157, but so far sellers have passed on them.  Asking prices are at $156 to $158 live in the South, while the North has been quiet.  Look for more business to develop as the day progresses.  Today’s Fed Cattle Exchange had an offering of 1,506 head, none of which sold as the reserve prices of $155.50 to $156 were not met. 

Boxed beef is lower at midday on light demand for moderate offerings.  Choice is $2.51 lower at $252.23 and Select is $.43 lower at $225.39.  The Choice/Select spread is $26.85. 

At the Ozarks Regional Stockyards in Missouri, compared to last week steer and heifer calves were $3 to $6 higher.  Yearlings were lightly tested, however, undertones were steady to firm.  The USDA says demand was good on a moderate supply.  Receipts were up on the week and down slightly on the year.  Feeder supply included 46% steers and 41% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 510 to 541 pounds brought $197 to $206 and feeder steers 652 to 698 pounds brought $174 to $178.  Medium and Large 1 feeder heifers 557 to 598 pounds brought $164 to $168 and feeder heifers 664 to 679 pounds brought $160 to $164. 

Cash hogs are sharply higher at midday with huge negotiated purchases.  Processors were 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 and the demand situation.  While demand has remained relatively strong on the global market, concerns about a slowing global economy puts demand under a cloud of uncertainty and adds volatility to prices.  Hog weights this week rose to 285.1 pounds, up 0.7 pounds on the year and down 4.3 pounds on the year. Barrows and gilts at the National Daily Direct are $4.16 higher with a base range of $77.50 to $88 and a weighted average of $86.20; the Iowa/Minnesota is $2.94 higher with a weighted average of $87.22; the Western Corn Belt is $2.93 higher with a weighted average of $87.21.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60. At Illinois, slaughter sow pircs were steady with moderate demand for moderate offerings at $47 to $59.  Barrows and gilts were steady with moderate demand for moderate offerings at $58 to $68.  Boars ranged from $30 to $35 and $9 to $19. 

Pork values are higher at midday – up $2.52 at $88.20.  Hams and picnics were both sharply higher.  Loins were also higher.  Butts, bellies, and ribs were lower to sharply lower.