Market News

Midday cash livestock markets

A pretty quiet start to the day for direct cash cattle trade.  But with a good showing from the Fed Cattle Exchange, look for business to improve as the day progresses.  The lone bid out there is in Nebraska at $160 dressed.  Asking prices are holding at $101 to $102 live in the South and $165 dressed in the North.  There was a light to moderate business that developed in Kansas on Tuesday with live deals at $100, $3 higher than last week’s weighted averages.  A very light trade was also reported in Texas at $99, also above last week’s weighted averages.  Today’s Fed Cattle Exchange had an offering of 1,474 head with 1,400 head sold.  960 head sold for a weighted average price of $99.95 all marked for 1 to 9-day delivery.  440 head sold for a weighted average price of $100, those were marked for 1 to 17-day delivery. 

Boxed beef is mixed at midday on light to moderate demand for light offerings.  Choice down $.58 at $203.66 and Select up $.56 at $191.01.  The Choice/Select spread is $12.65. 

At the Interstate Regional Stockyards, compared to last week feeder steers and heifers were $2 to $4 higher.  The USDA says demand was good and supply was moderate.  Receipts were up on the week and the year.  Feeder supply included 46 percent steers and 30 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 555 to 595 pounds brought $154.50 to $163.50 and feeder steers 651 to 698 pounds brought $145 to $153.  Medium and Large 1 feeder heifers 560 to 590 pounds brought $136.50 to $142.50 and feeder heifers 655 to 684 pounds brought $126.50 to $132.50. 

Cash hogs were steady at midday with strong negotiated numbers.  The market continues to watch the supply and demand picture.  The industry is hoping to see demand for US pork strengthen both globally and domestically.  That’s a necessity for price support as the supply of market-hogs is more than ample and processors continue to push daily slaughter totals higher.  Hog weights dropped again this week, down 1.4 pounds for a weighted average of 279.7 pounds.  That’s still 3.3 pounds above year-ago levels.  Barrows and gilts at the National Daily Direct are $.10 lower at midday with a base range of $37 to $40 for a weighted average of $38.65.  Prices at the Regional Direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $24. At Illinois, slaughter sow prices were firm with good demand for heavy offerings at $10 to $22.  Barrow and gilt prices were $4 lower with moderate demand for moderate to heavy offerings at $19 to $24.  Boars ranged from $1 to $3. 

Pork values are sharply higher at midday – up $3.21 at $68.71.  Hams jumped more than $12 to start the day.  Picnics and bellies were also higher.  Ribs were firm.  Butts and loins were weak to lower. 

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