Market News

Tuesday midday cash livestock markets

Direct cattle markets are quiet and the big activity today will likely just be the distribution of this week’s showlist. Asking prices are expected to be around $163 to $164 in the South and $260+ in the North. Last week, most of the Southern trade was done on Wednesday at $159 to $163 Live, mainly $160 to $161. Northern activity ranged from $250 to $253, mostly at $252. Widespread business is expected until Thursday or Friday.

The cattle on feed numbers were neutral to friendly and may indicate market ready numbers are a little tighter than expected. Placements were down 5% on the year when most analysts had been expecting a slight increase. Still, a lot of the cattle that were placed were heavier weights. Last week, feeder steers in Missouri were steady to $5 higher. The supply was called moderate, with most cattle weighing between 450 and 650 pounds, and demand was good. The weekly report notes grass is green and pastures are growing with surplus moisture in some areas. Quality was very good with a lot of reputation feeders on offer, although some were still carrying plenty of flesh. The price spread between steers and heifers has widened, but many producers are holding back their best heifers. Receipts last week were just short of 27,600 head. 550 to 599 pound feeder steers sold at $242 to $300. 550 to 598 pound feeder heifers ranged from $207 to $246.

Boxed beef at midday was firm to higher. Choice was up $.25 at $260.50 and Select was $1.13 higher at $248.75.

Cash hogs are mostly steady to lower. Coming back from Memorial Day weekend, the trade’s assessing the availability of market ready numbers and pork demand. Last week’s slaughter was nearly 6% more than a year ago, but this week’s kill could be a little light, with Saturday only projected at 140,000 head. Pork in cold storage was 20% larger than last year and processing margins are poor, which could limit packer spending and slow down chain speed.

National Direct barrows and gilts are $.67 lower at $72 to $79 for a weighted average of $76.51 and the Western Cornbelt is $.23 higher at $72 to $79 with an average of $78.39. The Eastern Cornbelt and Iowa/Southern Minnesota markets were not reported due to confidentiality. Butcher hogs at the Midwest cash markets are steady to a dollar lower at $53 to $58/. The Missouri Direct base carcass meat price is steady to $1 lower at $72 to $74 on light to moderate supply and demand. Missouri sows are steady at $20 to $30.

At midday, the pork carcass cutout value was $1.07 higher at $86.65. Ribs and hams were weak, while all other primals were higher.