Market News

Midday cash livestock markets

It’s a pretty quiet start to the day for direct cash cattle trade activity.  A few bids have surfaced in western Iowa at $167 dressed.  Asking prices are at $109 live, but nothing yet out of the North.  Significant trade volume will likely be delayed until the latter part of the week.  Today’s Fed Cattle Exchange had an offering of 901 head with 358 head sold.  All were marked for 1 to 17-day delivery with a weighted average price of $106. 

Boxed beef is higher at midday on moderate demand for light to moderate offerings.  Choice is $1.48 higher at $218.64 and Select is $.94 higher at $207.93.  The Choice/Select spread is 10.71. 

At the Ozarks Regional Stockyards in Missouri, compared to last week, steer calves under 550 pounds were steady to $4 lower with heavier weights including yearlings trading $3 to $5 higher.  Heifer calves under 550 pounds were steady to $4 higher with heavier weights mostly steady.  The USDA says demand was good on a moderate supply.  Receipts were down on the week and the year.  Feeder supply included 44 percent steers and 53 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 600 to 647 pounds brought $145 to $162 and feeder steers 868 to 882 pounds brought $133 to $138.25.  Medium and Large 1 feeder heifers 505 to 545 pounds brought $134 to $144 and feeder heifers 605 to 649 pounds brought $132.50 to $140. 

Cash hogs opened weak with moderate negotiated purchases.  The industry remains optimistic demand for US pork will continue to rise. Especially as there is an anticipated global shift in the market as Germany still faces export challenges as African swine fever has been found in their wild boar population.  That helps provide some price support even as supplies of market-ready hogs are more than ample.  Packers continue to push daily slaughter totals higher, attempting to make a dent in the backlog in the production system.  While that keeps the supply chain moving, it also adds more pork to an already saturated market.  Hog weights were 281.8 pounds, that’s up 0.4 pounds on the week and down 0.1 pounds on the year. Barrows and gilts at the National Daily Direct are $.02 lower with a base range of $60 to $66 for a weighted average of $63.90; The Iowa/Minnesota is $.45 lower for a weighted average of $64.10; the Western Corn Belt is $.56 lower for a weighted average of $63.99.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hogs at the Midwest cash markets are steady at $40. 

At Illinois, slaughter sow prices were firm with good demand for heavy offerings at $14 to $25.  Barrow and gilt prices were weak with good demand for moderate to heavy offerings at $40 to $45.  Boars ranged from $1 to $3. 

Pork values were weak at midday – down $.55 at $91.20.  Hams and bellies are lower.  Loins, ribs, picnics, and butts are firm to sharply higher.