Market News

Midday cash livestock markets

Direct cash cattle trade is quiet following the active day on Wednesday.  It’s likely the bulk of the business has wrapped up for the week, but there could be some clean-up trade take place today.  Deals this week were at $138 to $140 live in the South, which is $5 to $6 higher than the previous week’s business.  Dressed deals were $217 to $220 in the North, about $7 higher than the prior week’s business.  Some of the cattle purchased at $220 were marked for delayed delivery. 

Boxed beef was mixed at midday on light to moderate demand for light offerings.  Choice is $1.04 higher at $280.15 and Select is $.96 lower at $262.51.  The Choice/Select spread is $17.64.

At the Ozarks Regional Stockyards in Missouri, compared to last week steer and heifer calves were $2 to $4 higher with spots of $8 higher.  The USDA says demand was good on a light supply.  The offering was mostly small drafts of average to below-average quality.  Receipts were down on the week and the year.  Feeder supply included 56% steers and 45% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 500 to 548 pounds brought $170 to $179 and feeder steers 770 pounds brought $169.  Medium and Large 1 feeder heifers 551 to 595 pounds brought $140 to $145 and feeder heifers 602 to 639 pounds brought $140 to $146. 

Cash hogs are weak at midday with a stronger than expected negotiated run to start the day.  Processors continue to move their desired numbers without having to aggressively bid up. All eyes remain on the supplies of market-ready barrows and gilts.  Demand for US pork on the global market has been strong, which is expected to continue in the near-term.  But, there are long-term demand concerns, which is likely adding some pressure to prices. 

Barrows and gilts at the National Daily Direct are $.08 lower with a base range of $54 to $57 and a weighted average of $54.97; both the Iowa/Minnesota and the Western Corn Belt had a weighted average of $54.92.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Pork values are lower at midday – down $1.09 at $83.89.  Hams are sharply lower.  Loins, bellies, ribs, butts, and picnics were all higher.