Market News

Midday cash livestock markets

Another quiet start to the day for direct cash cattle trade activity.  Packer inquiry has been limited and bids are hard to come by.  Asking prices have surfaced in the South at $157-plus live, while nothing has come out of the North.  Look for business to pick up as the week progresses. 

Boxed beef is lower at midday on light demand for light offerings.  Choice is $2.69 lower at $247.24 and Select is $1.47 lower at $223.09.  The Choice/Select spread is $24.15. 

At the Tri-State Livestock Auction in Nebraska, compared to last week steers were steady to $6 higher and heifers were steady.  The USDA says demand was good.  Receipts were up on the week and the year.  Feeder supply included 59% steers and 63% of the offering was over 600 pounds.  Medium and Large 1 feeder steers, unweaned, 653 pounds brought $192.75 and feeder steers 776 to 794 pounds brought $179 to $180.  Medium and Large 1 feeder heifers 601 to 648 pounds brought $168.50 to $189 and feeder heifers 688 to 696 pounds brought $171.50 to $176.50. 

Cash hogs had no comparison, but had solid negotiated purchases.  Demand for US pork has held relatively strong on the global market despite concerns about a slowing economy.  However, should there be a disruption it could put pressure on prices.  Processors were a little more aggressive in their procurement efforts and moved larger numbers early on today.  The industry is also watching the availability of market-ready hogs. Barrows and gilts at the National Daily Direct have no comparison but a base range of $80 to $84 and a weighted average of $82.13 and the Eastern Corn Belt had no comparison but a weighted average of $81.40.  Prices at the Iowa/Minnesota and the Western Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60. At Illinois, slaughter sow prices were $1 lower with moderate demand for light offerings at $43 to $55.  Barrows and gilts were $1 lower with moderate demand for moderate offerings at $56 to $66.  Boars ranged from $15 to $20 and $10. 

Pork values are sharply higher at midday – up $5.74 at $92.20.  Bellies and hams are both sharply higher.  Butts, loins, and picnics are higher.  Ribs are lower.