Market News

Midday cash livestock markets

A light to moderate direct cash cattle trade is underway in the South.  Live deals are at $95, that’s fully steady with Tuesday’s scattered business.  There’s also been a light live trade reported in Iowa at $99.  There are bids on the table in Nebraska at $155 to $157 dressed and $95 live.  Look for more business to develop over the balance of the week.  There was a light trade that took place in most areas on Tuesday with Southern live deals ranging from $94 to $95, steady to $1 higher than last week’s weighted averages.  Northern dressed business ranged from $152 to $160, mostly $157 to $160, $3 to $6 higher than last week’s weighted averages.  The Fed Cattle Exchange had an offering of 1,390 head with 659 head sold.  509 head sold for a weighted average price of $95.16, those were marked for 1 to 9-day delivery and 150 head sold for a weighted average price of $95, those are for 1 to 17-day delivery. 

Boxed beef is weak to lower at midday on light demand for light to moderate offerings.  Choice is $.77 lower at $204.53 and Select is $1.21 lower at $195.63.  The Choice/Select spread is $8.90. 

At the McAlester Union Livestock Auction in Oklahoma, compared to last week steer calves were $5 to $7 higher.  Heifer calves were $2 to $4 higher.  The USDA says demand was good and quality was average.  Receipts were down slightly on the week and up on the year.  Feeder supply included 45 percent steers and 18 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 450 to 495 pounds brought $134 to $149 and feeder steers 550 to 595 pounds brought $139 to $153.  Medium and Large 1 feeder heifers 500 to 545 pounds brought $121 to $135 and feeder heifers 550 to 595 pounds brought $123 to $136. 

Cash hogs opened weak with solid negotiated numbers. Supplies of market-ready hogs are more than ample and daily slaughter totals continue to push higher.  That’s helping to keep the supply chain moving, but it’s also adding more pork to the market.  At the same time, there is still uncertainty surrounding demand both globally and domestically.  Hog weights dropped 1.5 pounds this week to 283 pounds, that’s still 2.8 pounds above last year’s averages. Barrows and gilts at the National Daily Direct are $.27 lower with a base range of $24 to $30.19 for a weighted average of $29.10; the Iowa/Minnesota is $.63 lower for a weighted average of $29; the Western Corn Belt is $.60 lower for a weighted average of $29.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $29.  At Illinois, slaughter sow prices were steady with moderate to good demand for heavy offerings at $9 to $20.  Barrow and gilt prices were steady with moderate to good demand for moderate to heavy offerings at $12 to $20.  Boars ranged from $2 to $5. 

Pork values are steady up $.18 at $62.78.  Picnics are sharply higher.  Bellies and hams are firm to higher.  Ribs and butts are weak.  Loins are lower.