Market News

Midday cash livestock markets

Direct cash cattle trade is quiet following Tuesday’s surprising light to moderate trade.  Asking prices are around $120 live in the South and $192 dressed in the North.  Look for some additional business to develop over the balance of the week.  Today’s Fed Cattle Exchange had an offering of 2,153 head with 1,091 head sold from $117.50 to $119.  There was a light to moderate direct cash cattle trade that was reported on Tuesday.  Southern live deals had a range of $117.50 to $119, mostly $118 to $119, which is about steady to $1 higher than last week’s weighted averages.  Southern dressed deals ranged from $187 to $192, mostly $190, full steady with last week’s weighted average basis in Nebraska.

Boxed beef is sharply higher at midday on good demand for moderate offerings.  Choice is $3.95 higher at $305.17 and Select is $3.14 higher at $287.05.  The Choice/Select spread is $17.12. 

At the Ozarks Region Stockyards in Missouri, compared to last week steer and heifer calves were steady to $3 lower with most weights not well tested.  The USDA says demand was moderate on a light supply.  Receipts were down on the week, likely in large part due to heavy rains and less than ideal weather.  Feeder supply included 54 percent steers and 45 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 552 to 589 pounds brought $153 to $167 and feeder steers 700 to 722 pounds brought $135.50 to $136.  Medium and Large 1 feeder heifers 401 to 438 pounds brought $140 to $153 and feeder heifers 500 to 531 pounds brought $132 to $138. 

Cash hogs are sharply higher again at midday with solid negotiated purchases.  Packers continue their aggressive procurement efforts.  They’re also keeping a close eye on the availability of market-ready barrows and gilts.  Ongoing demand strength for US pork on the global market and domestically has been very supportive to prices.  The industry expects that to continue.  Hog weights this week dropped to 285.1 pounds, that’s a pound less than last week and 6.3 pounds below year-ago levels.  Barrows and gilts at the National Daily Direct are $2.50 higher with a base range of $107.04 to $122 and a weighted average of $114.11; the Iowa/Minnesota is $1.59 higher with a weighted average of $120.47; the Western Corn Belt is $1.47 higher with a weighted average of $120.16.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash market steady at $70. At Illinois, slaughter sow prices were $2 lower with moderate demand for heavy offerings at $52 to $62.  Barrow and gilt prices were firm with good demand for heavy offerings at $69 to $79.  Boars ranged from $40 to $45 and $15 to $20. 

Pork values are sharply higher at midday – up $3.11 at $114.29.  Bellies jumped more than $17.  Ribs and butts were sharply higher.  Ham and loins were higher.  Picnics were lower.