Market News

Midday cash livestock markets

A slow start to the day for direct cash cattle trade.  Bids have been few and far between.  Asking prices are around $106 plus live in the South, with no activity coming out of the North.  Some business could develop as the day progresses, but there’s always the possibility significant trade volume will be delayed until sometime Thursday or Friday.  Today’s Fed Cattle Exchange had an offering of 683 head with 219 head sold at $104 to $104.25.  All are marked for 1 to 17-day delivery. 

Boxed beef is higher at midday on good demand for moderate offerings.  Choice is $.96 higher at $216.40 and Select is $1.63 higher at $207.93.  The Choice/Select spread is $8.47. 

At the Winter Livestock Auction in Colorado, compared to the previous week, steer calves under 500 pounds were $1 to $2 lower, 500 to 600 pounds were $3 to $4 lower, 600 to 700 pounds were mostly steady.  Heifer calves were uneven, under 600 pounds $2 to $3 higher, except 450 to 500-pound heifers which were $3 to $5 lower.  Yearling feeder steers and heifers were steady to $2 higher.  The USDA says demand and trade activity were moderate to good.  Feeder supply included 60 percent steers and 54 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 510 to 542 pounds brought $148 to $156.50 and feeder steers 900 to 933 pounds brought $131 to $139.75.   Medium and Large 1 feeder heifers 451 to 498 pounds brought $133 to $140 and feeder heifers 560 to 598 pounds brought $128.50 to $137. 

Cash hogs are mixed at midday with solid negotiated numbers. Packers continue to move big numbers.  Daily slaughter totals pushing higher, helping processors keep the supply chain moving and work through the backlog of hogs in the production system.  Supplies of market-ready barrows and gilts are more than ample.  The combination adds more pork to an already saturated market.  The industry, however, remains optimistic demand for US pork will see a big boost as African swine fever continues to disrupt the global pork picture.  If demand sees solid improvement, prices could consistently push higher.  Hog weights this week rose to 280.2 pounds, that’s up .5 pound from last week, but 0.3 pounds below year-ago levels. Barrows and gilts at the National Daily Direct are $.63 higher with a base range of $58.50 to $68 for an average of $63.98; the Iowa/Minnesota is $2.51 lower for a weighted average of $61.96; the Western Corn Belt is $2.50 lower for a weighted average of $61.96.  The Eastern Corn Belt was not reported at midday due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $28. 

Pork values are higher at midday – up $2.09 at $90.75.  Hams jumped more than $10 to start the day.  Bellies and ribs were also sharply higher.  Picnics, loins, and butts were sharply lower.