Market News

Midday cash livestock markets

Direct cash cattle trade is pretty quiet so far on this Tuesday.  Packer inquiry has been limited and there has yet to a bid floated.  Early asking prices have surfaced in the South around $106 plus.  Nothing yet from the North.  Significant trade volume could be delayed until at least Midweek or later. 

Boxed beef is mixed at midday on moderate demand for moderate offerings.  Choice is $.92 lower at $215.30 and Select is $.80 higher at $206.62.  The Choice/Select spread is $8.68. 

At the Tri-State Livestock Auction in Nebraska, compared to last week steers were steady to $5 higher and heifers were $4 to $6 higher.  The USDA says demand was good throughout the day on all offerings.  Receipts are down on the week and the year.  Feeder supply included 68 percent steers and 42 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 504 to 547 pounds brought $165 to $175.50 and feeder steers 715 to 735 pounds brought $148 to $155.75.  Medium and Large 1 feeder heifers 458 to 497 pounds brought $150 to $161 and feeder heifers 555 to 593 pounds brought $149.25 to $159.25. 

Cash hogs opened higher to sharply higher with solid negotiated numbers.  Packers bid up in order to move their desired numbers.  Demand optimism is helping provide some price support as the industry expected increased demand for US pork on the global market.  However, the ample supply of market-ready hogs combined with the increased daily slaughter runs adds more pork to an already saturated market, contribituting to the volatility in prices.  Barrows and gilts at the National Daily Direct are $2.16 higher with a base range of $58 to $65 for a weighted average of $62.15; the Iowa/Minnesota is $.86 higher with a weighted average of $62.99; the Western Corn Belt is $.88 higher with a weighted average of $62.96; the Eastern Corn Belt had no comparison, but a weighted average of $61.59. 

Butcher hog prices at the Midwest cash markets are steady at $28. At Illinois, slaughter sow prices were steady with good demand for heavy offerings at $11 to $23.  Barrows and gilts were $2 to $4 higher with good demand for moderate to heavy offerings at $39 to $43.  Boars ranged form $1 to $3. 

Pork values are sharply higher at midday – up $4.17 at $94.26.  All of the primals were higher to sharply higher, with the largest gains in the loins, bellies, and picnics.