Market News

Midday cash livestock markets

Another slow start to direct cash cattle trade activity on this Tuesday.  A few early asking prices have surfaced around $138 live in the South, while the North remains quiet.  Bids are non-existent.  It’s likely significant trade volume will be delayed until midweek or later. 

Boxed beef is weak at midday on light demand for solid offerings.  Choice is $.16 lower at $293.34 and Select is $.14 lower at $284.65.  The Choice/Select spread is $8.69. 

At the close, at the Oklahoma National Stockyards, compared to last week feeder steers and heifers were $3 to $5 lower.  Steer calves were unevenly steady and heifer calves were $3 to $5 lower.  The USDA says demand was moderate to good and quality was average to attractive.  The ongoing cold, dry weather across the region has many cattle arriving at market in thin condition.  Receipts were down on the week, but up on the year.  Feeder supply included 57% steers and 56% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 652 to 696 pounds brought $153 to $166.50 and feeder steers 750 to 794 pounds brought $147.50 to $159.  Medium and Large 1 feeder heifers 602 to 643 pounds brought $147.50 to $158 and feeder heifers 652 to 693 pounds brought $140 to $152.50. 

Cash hogs are lower at midday with fairly light negotiated purchases.  Processors have been able to move their desired numbers without having to get aggressive in their procurement efforts.  The industry continues to monitor the availability of market-ready barrows and gilts.  Demand for US pork has been strong on the global market and domestically, but there are long-term concerns.  That has been putting some pressure on the price picture.  Barrows and gilts at the National Daily Direct are $.56 lower with a base range of $60 to $75 and a weighted average of $61.25; the Iowa/Minnesota and the Western Corn Belt had no comparison but a weighted average of $71.07.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $47. At Illinois, slaughter sow prices were steady to $1 higher with moderate demand for moderate offerings at $30 to $42.  Barrows and gilts were firm with moderate demand for moderate offerings at $38 to $46.  Boars ranged from $15 to $20 and $10 to $15. 

Pork values are weak at midday – down $.12 at $95.54.  Picnics were sharply lower.  Ribs, bellies, and butts were all lower.  Loins and hams were sharply higher.