Market News

Midday cash livestock markets

There’s a light direct cash cattle trade being reported.  A regional market in Iowa has deals at $163, most of those are for delayed delivery.  There are some bids that have surfaced in Nebraska at $162 dressed (and $100 live), but no deals.  Asking prices are around $101 to $102 live in the South and $165 dressed in the North.  There was a light to moderate trade that took place in the South on Wednesday with deals at $99 to $100, roughly $2 to $3 above last week’s weighted averages. 

Boxed beef is higher at midday with good demand for moderate offerings.  Choice is $1.18 higher at $204.75 and Select is $1.17 higher at $191.99.  The Choice/Select spread is $12.76. 

At the Green City Livestock Auction in Missouri, compared to the most recent sale steers and heifers were mostly $4 to $8 higher with yearling load lots trading as much as $12 higher.  The market for yearlings was extremely active.  Receipts were up on the year.  Feeder supply included 67 percent steers and 68 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 852 to 894 pounds brought $144.35 to $151 and feeder steers 902 brought $146.10.  Medium and Large 1 feeder heifers 664 to 667 pounds brought $138.75 to $145.75 and feeder heifers 743 pounds brought $134. 

Cash hogs are firm at midday with moderate negotiated purchases.  The market is keeping a close eye on the supply and demand picture.  The availability of market-ready hogs is more than ample and processors continue to push daily slaughter totals higher.  That’s adding more pork to the market.  If prices are going to push higher, the industry needs to see continued strength in both global and domestic demand.  The USDA’s Export Sales report for this morning showed pork sales below last week’s totals, but Mexico and China were at the top of the purchaser’s list. Barrows and gilts at the National Daily Direct are $.50 higher at midday with a base range of $36 to $40 for a weighted average of $39.03; the Iowa/Minnesota is $.38 higher for a weighted average of $38.53; the Western Corn Belt is $.42 higher for a weighted average of $38.53.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $2 higher at $26.  At Illinois, slaughter sow prices were $1 higher with good demand for moderate to heavy offerings at $11 to $23.  Barrows and gilts were steady 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 $4.93 at $71.97.  Bellies and hams are sharply higher.  Ribs and butts are higher.  Picnics and loins were sharply lower at midday.