Market News

Midday cash livestock markets

Direct cash cattle trade activity has been quiet through midday.  Bids have yet to surface and asking prices are around $120 plus live in the South, while not fully established out of the North.  Packer inquiry could improve as the day progresses.  But there’s still a lot of unknowns following the JBS cyberattack, and it is still unclear how long it will take to get everything corrected following Tuesday’s disruptions.  JBS has stated the bulk of the facilities are operating today. 

Boxed beef was sharply higher at midday on good demand for moderate offerings.  Choice is $5.32 higher at $339.88 and Select is $5.99 higher at of $312.44.  The Choice/Select spread is $27.44. 

At the Unionville Livestock Auction in Missouri, compared to the most recent sale, steers and heifers were mostly $3 to $7 higher with heavy yearling steers weak to $2 lower.  The USDA says there was a good mix of cattle on offer, including several pot load lots of big yearling cattle as well as some really attractive groups of fall calves, all with good quality offered.  Supply was moderate and demand was moderate to good.  Feeder supply included 73 percent steers and 55 percent of the offering was over 600 pounds.  Receipts were up from two weeks ago and about steady on the year.  Medium and Large 1 feeder steers 930 to 947 pounds brought $132.50 to $135.  Medium and Large 1 feeder heifers 551 to 572 pounds brought $146 to $150. 

Cash hogs are mixed at midday with solid negotiated purchases.  Packers have been aggressive with their procurement efforts and bid up to move their desired numbers.  The industry expects the strong demand for US pork on the global market and domestically to continue, which has been providing a lot of price support.  However, should a disruption occur it would likely send prices tumbling.  Hog weights dropped to 283.1 pounds this week, that’s 0.4 pounds below the previous week, but nearly 7 pounds lighter than year-ago levels. Barrows and gilts at the National Daily Direct are $3.21 higher with a base range of $99.84 to $115 and a weighted average of $105.99; the Iowa/Minnesota has a weighted average of $110.22; the Western Corn Belt is $2.72 has a weighted average of $110.06.  The Eastern Corn Belt is not reported due to confidentiality. 

At Illinois, slaughter sow prices were steady with moderate demand for heavy offerings at $38 to $52.  Barrow and gilt prices were steady with moderate to good demand for moderate offerings at $71 to $75.  Boars ranged from $45 to $50 and $12 to $18. 

Pork values are sharply higher at midday – up $2.18 at $129.30.  Butts and hams were both sharply higher.  Bellies and loins were firm.  Ribs and picnics were lower.    

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