Market News

Midday cash livestock markets

It’s a quiet start for direct cash cattle business following the light to moderate trade that took place on Tuesday.  Bids have surfaced at $148 live and $230 dressed in the North.  Asking prices are around $144 live and $234-plus dressed.  Packer inquiry, at least in the North, should continue to improve as the day progresses.  So far this week, deals were mostly in the South at $142 live, generally steady with last week’s business.  The North was relatively quiet with just a handful of deals reported.  Today’s Fed Cattle Exchange was another non-starter with an offering of 708 head, none of which sold. 

Boxed beef is mixed at midday with light to moderate demand on light offerings.  Choice is $.43 higher at $263.23 and Select is $.25 lower at $238.55.  The Choice/Select spread is $24.68. 

At the Ozarks Regional Stockyards in Missouri, compared to last week steer calves under 450 pounds were $15 to $20 higher while heavier weight steer and heifer calves were steady to $4 higher.  Feeder steers and feeder heifers were not well tested, however, undertones were steady to firm.  The USDA says demand was very good on a moderate supply.  Receipts were up on the week and the year.  Feeder supply included 45% steers and 26% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 400 to 440 pounds, thin fleshed, brought $235 to $245 and feeder steers 500 to 538 pounds brought $200 to $212.50.  Medium and Large 1 feeder heifers 505 to 546 pounds brough t$175 to $187.75 and feeder heifers 605 to 637 pounds brought $170 to $173. 

Cash hogs were sharply higher and lower at midday with huge negotiated purchases.  Processors in some instances bid up to move their desired numbers and were aggressive in their procurement efforts, that, however, was not the case at a couple of the regional directs.  Demand for US pork overall, has been strong helping provide price support, but there are long-term concerns.  The industry continues to monitor the availability of market-ready hogs. Barrows and gilts at the National Daily Direct are $4.86 higher with a base range of $111.50 to $133 with a weighted average of $126.14; the Iowa/Minnesota is $.73 lower with a weighted average of $130.65; the Western Corn Belt is $.78 lower with a weighted average of $130.60; the Eastern Corn Belt had no comparison, but a weighted average of $120.64.

Butcher hog prices at the Midwest cash markets are steady at $70. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $67 to $79.  Barrows and gilts were steady with moderate demand for moderate offerings at $77 to $86.  Boars ranged from $45 to $55 and $10 to $20. 

Pork values were lower at midday – down $.57 at $104.51.  Bellies continued their slide, down $8.46.  Picnics and butts were also lower.  Loins, ribs, and hams were all higher.