Market News

Midday cash livestock markets

Direct cash cattle trade activity is fairly quiet.  Bids have yet to surface.  Asking prices have been restated around $120 live in the South and $190 dressed in the North.  We could still see some business develop today, but we could also see significant business hold out until sometime Thursday or Friday.  Today’s Fed Cattle Exchange had an offering of 4696 head, 832 head sold.  662 head were marked for 1 to 9-day delivery and sold for a weighted average price of $113.  170 head sold for 1 to 17-day delivery for a weighted average price of $112.06. 

Boxed beef is sharply lower at midday on weak demand for moderate to heavy offerings.  Choice is $7.30 at $235.85 and Select is $2.06 lower at $226.90.  The Choice/Select spread is $8.95. 

At the close, at the Ozarks Regional Stockyards in Missouri, compared to last week, steer and heifer calves under 700 pounds were $3 to $7 higher, while lightly tested heavier weight calves traded $3 to $6 lower.  The USDA says demand was good on a light supply.  Receipts were up on the week, but down on the year.  Feeder supply included 54 percent steers and 32 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 596 pounds brought $147.50 to $161 and feeder steers 703 to 745 pounds brought $129 to $134.  Medium and Large 1 feeder heifers 450 to 498 pounds brought $135 to $145 and feeder heifers 552 to 584 pounds brought $134 to $139. 

Cash hogs opened lower to sharply lower with moderate negotiated numbers. The losses in the cash market continue and concern is growing that domestic demand could weaken.  That’s being fueled by the continued slide in wholesale values.  At the same time, supplies of ready barrows and gilts are more than ample.  The global demand picture remains a silver lining and as long as US pork production isn’t disrupted, the US pork industry is well-positioned to meet the pork and protein needs of the global market.  Hog weights dropped this week to 285.4 pounds, that’s down 0.8 pounds from than last week and 0.9 pounds drop from year-ago levels.  Barrows and gilts at the National Daily Direct dropped $4.86 this morning with a base range of $40 to $59 for a weighted average of $48.32; the Iowa/Minnesota is $1.72 lower for a weighted average of $53.18; the Western Corn Belt is $1.50 lower for a weighted average of $53.18.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady in Dorchester, Wisconsin and Garnavillo, Iowa at $36.  Prices are $1 lower at Red Oak, Iowa at $35. 

Pork values continued their decline – down $1.95 at midday at $63.09.  Ribs and butts were both sharply lower.  Loins and bellies were also lower.  Picnics and hams were firm to higher.