Market News

Midday cash livestock markets

Direct cash cattle markets are quiet. Asking prices are holding at $140+ on the live basis and $222+ for dressed, with bids at $137 live and $220 to $222 dressed. Some light, scattered business was reported in the North Tuesday at $139 to $141 live and $220 dressed, but not enough to establish a trend as most of the major feeding areas remained quiet. Widespread business could wait until later this week, depending on packer demand.

Boxed beef values are lower at midday. Choice is $1.68 lower at $283.76 and select is $.16 lower at $280.06. The choice/select spread is $3.70.

At the Interstate Regional Stockyards in Cuba, Missouri, compared to last week, feeder steers under 500 pounds sold steady, steers over 500 pounds sold firm to $3 higher. Feeder heifers under 500 pounds sold steady to $4 lower, heifers over 500 pounds sold steady to firm. USDA says demand was good on light supply noting a good sale despite incoming severe weather. Feeder supply included 48 percent steers and 29 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers weighing 550 to 583 brought $170 to $180 and steers from 650 to 670 brought $160 to $166.50. Medium and Large 1 feeder heifers weighing 453 to 498 pounds brought $154 to $166 and heifers from 550 to 585 pounds brought $146 to $157.75.

Cash hogs opened higher. Processors had been moving their desired numbers with little trouble, but extreme winter weather in some areas has caused more aggressive buying. Demand for US pork on the global market has been strong, which is expected to continue. However, there are long term demand concerns which has been pressuring prices. Barrows and gilts at the National Daily Direct are sharply higher at midday, up $19.35 for a base range of $66 to $90 and a weighted average of $86.35; the regional direct markets are not reported due to confidentiality.

Butcher hogs at the Midwest cash markets are $3 higher at $51.

Pork values are higher at midday, up $3.70 at $96.67. Bellies and hams are up nearly $10; picnics are higher. Butts, ribs, and loins are lower.