Market News

Midday cash livestock markets

Direct cash cattle trade activity remains quiet.  No bids have surfaced.  Asking prices are around $186-plus in parts of the South, while the North has yet to be established.  While business could pick up this afternoon, it’s likely the bulk of the week’s business is going to hold out until sometime Thursday or Friday. 

Boxed beef is lower at midday on light demand for heavy offerings.  Choice is $1.62 lower at $295.78 and Select is $1.99 lower at $290.77.  The Choice/Select spread is $5.01. 

At the Kingsville Livestock Auction in Missouri, steers and heifers were steady to $8 higher, except for heifer calves weighing 400 to 550 pounds.  There were a few groups of thinner steers weighing nearly 550 pounds that were $10 to $15 higher.  The USDA says demand was good to very good for a moderate to heavy supply.  Trade was active.  Receipts were down on the week and the year.  Feeder supply included 49% steers and 57% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 803 to 824 pounds brought $247.85 to $253.85 and feeder steers 888 pounds brought $242.85.  Medium and Large 1 feeder heifers 450 to 498 pounds brought $288 to $320 and feeder heifers 718 to 731 pounds brought $250 to $252.25.

Cash hogs are firm at midday with moderate negotiated purchases. The cash hog market has continued to find some strength in demand.  Packers have been aggressive in their procurement efforts as they need hogs to fill the increased slaughter pace.  That’s a good sign demand for U.S. pork on the global market is strong.  Domestic demand has been picking up, too, as summer grilling season is just around the corner.  All of this has been supportive to prices.  The industry continues to monitor the availability of market-ready hogs and hog weights, which did drop a pound on the week and are just a tenth of a pound more than year-ago levels. Barrows and gilts at the National Daily Direct are $.29 higher with a base range of $85 to $94.50 and a weighted average of $91.80 and no comparison at the Western Corn Belt but a weighted average of $93.49.  Prices at the Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $52.

Pork values were higher at midday – up $1.41 at $98.30.  Loins, hams, picnics, and butts were all higher.  Bellies and ribs were lower to sharply lower.