Market News

Midday cash livestock markets

It’s a quiet start to the day for direct cash cattle business following the light trade that took place on Tuesday. Deal in Kansas and Texas were marked at $143, fully steady with last week’s business.  It appears some Southern producers are still holding for higher money.  Asking prices are at $144 to $145 live, while the North has yet to float dressed asking prices.  Bids have yet to surface.  More business is expected to pick up over the balance of the week. Today’s Fed Cattle Exchange had an offering of 1,077 head, none of which sold. Bids did not meet the reserve prices of $143 to $144. 

Boxed beef is mixed at midday with light to moderate demand for solid offerings.  Choice is $.40 higher at $248.83 and Select is $1.29 lower at $219.92.  The Choice/Select spread is $28.91. 

At the Ozarks Regional Stockyards in Missouri, compared to last week, steer calves under 450 pounds were $4 to $8 higher and heavier weight steer and heifer calves were uneven, from $4 lower to $4 higher.  Yearlings were not well tested, however, undertones were steady to weak. The USDA says demand was good on the moderate offering and quality was above average.  There were several large packages on offer that were met with solid demand.  Receipts were up on the week and down on the year.  Feeder supply was 56% steers and 54% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 653 to 693 pounds brought $177 to $187 and feeder steers 902 to 921 pounds brought $166 to $174. Medium and Large 1 feeder heifers 611 pounds, unweaned, brought $157 and feeder heifers 655 to 690 pounds brought $162 to $164. 

Cash hogs are mixed at midday with moderate negotiated purchases.  All eyes are looking to Thursday’s Quarterly Hogs and Pigs report to see if the herd has stabilized or is starting to show signs of growth.  There is a lot of attention being paid to the supply side of things.  The industry continues to monitor the availability of market-ready hogs.  Processors had a big day on Tuesday and are now looking to move needed numbers at lower money. Barrows and gilts at the National Daily Direct are $1.26 lower with a base range of $82 to $102 and a weighted average of $89.25; the Iowa/Minnesota is $5.05 higher with a weighted average of $97.09; the Western Corn Belt is $3.87 higher with a weighted average of $97.09.  The Eastern Corn Belt was not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets are $2 lower at $64. At Illinois, slaughter sow prices were steady with light demand for light offerings at $58 to $70.  Barrows and gilts were steady with moderate demand for moderate offerings at $60 to $69.  Boars ranged from $39 to $41 and $9 to $19. 

Pork values are higher at midday – up $.89 at $99.90.  Picnics, loins, bellies, and butts are all higher.  Ribs and hams are lower.

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