Market News

Midday cash livestock markets

Direct cash cattle trade activity continues to improve on this Wednesday.  There are bids on the table at $108 live in the South and in the North at $167 dressed and $107 live.  Asking prices are around $111 to $112 live in the South and $172 dressed in the North.  Packer inquiry is expected to improve as the day progresses.  Today’s Fed Cattle Exchange had an offering of 774 head, 671 head sold.  Of those, 304 are marked for 1 to 9-day delivery for a weighted average price of $108, and 367 head are marked for 1 to 17-day delivery for a weighted average price of $108.25. 

Boxed beef is steady to weak on light to moderate demand for light offerings.  Choice is $.68 lower at $211.76 and Select is $.13 higher at $200.21.  The Choice/Select spread is $11.55. 

At the Kingsville Livestock Auction in Missouri, compared to last week, steers and heifers sold mostly steady to $5 lower except for a load of steers and a load of heifers, both weighing 751 pounds, which sold for a higher undertone.  The USDA says supply was moderate and demand was moderate to good for the nice run of yearlings with some off grass and some backgrounded.  Demand was moderate for the calves on offer.  Receipts were up on the week and the year.  Feeder supply included 73 percent steers and 70 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 701 to 732 pounds brought $144 to $147 and feeder steers 761 to 794 pounds brought $137.85 to $144.  Medium and Large 1 feeder heifers 576 to 590 pounds brought $134.75 to $136 and feeder heifers 712 to 724 pounds brought $135.25 to $142.50. 

Cash hogs are lower at midday with moderate negotiated purchases.  Supply and demand remains the name of the game as it relates to the cash hog market.  The availability of market-ready hogs is more than ample and daily slaughter totals are pushing higher.  While that’s keeping supply chains running, it’s also adding more pork to an already saturated market. The industry, however, remains optimistic demand for US pork will see a big boost on the global market, which would provide price support.  Hog weights this week are up again to 284.3 pounds, that’s up nearly a 1 pound from last week and a 0.7-pound increase on the year.  Barrows and gilts at the National Daily Direct are $1.70 lower with a base range of $60 to $65 for a weighted average of $62.28; the Iowa/Minnesota is $2.11 lower for a weighted average of $62.53; the Western Corn Belt is $2.35 lower for a weighted average of $62.53.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $50. At Illinois, slaughter sow prices were $4 higher with good demand for moderate offerings at $20 to $34.  Barrow and gilt prices were weak with good demand for moderate to heavy offerings at $41 to $45.  Boars ranged from $1 to $5. 

Pork values are higher at midday – up $1.20 at $97.10.  Hams are sharply higher.  Picnics and ribs are higher.  Bellies, butts, and loins are all sharply lower. 

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