Market News

Midday cash livestock markets

A sluggish start for direct cash cattle business.  Packer inquiry has been limited and bids haven’t surfaced.  Asking prices are at $156 to $157 live in the South, but still not established out of the North.  At least some business is expected to develop today, but the bulk of the week’s trade will likely take place Thursday and Friday.  Today’s Fed Cattle Exchange was a non-starter with an offering of 1,023 head of which none sold.  None of the bids met the reserve prices of $155 to $156. 

Boxed beef is sharply higher at midday on strong demand for moderate offerings.  Choice is $8.38 higher at $251.03 and Select is $2.22 higher at $221.36.  The Choice/Select spread is $29.67. 

At the Interstate Regional Stockyards in Missouri, compared to last week feeder steers under 500 pounds were $6 to $10 higher and feeder steers over 500 pounds were steady to $3 higher.  Feeder heifers were steady.  The USDA says demand was good to very good on a heavy supply.  Demand was especially strong for light-weight steers.  Receipts were up on the week and the year.  Feeder supply included 52% steers and 35% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 551 to 599 pounds brought $183 to $194 and feeder steers 600 to 643 pounds brought $174.50 to $181.50.  Medium and Large 1 feeder heifers 500 to 549 pounds brought $162 to $174 and feeder heifers 554 to 595 pounds brought $158 to $172. 

Cash hogs are sharply higher at midday with huge negotiated purchases.  Packers are aggressive in their procurement efforts and bid up to move their desired numbers. This remains part of the pattern recently with a day or two of huge runs at sharply higher prices sandwiched between a couple of light days at lower prices.  The industry continues to monitor the availability of market-ready hogs and demand, which has been relatively strong.  However, there are concerns a slowing global economy could potentially impact demand and put pressure on prices. Barrows and gilts at the National Daily Direct are $3.18 higher with a base range of $81 to $87.50 with a weighted average of $85.41; the Iowa/Minnesota and the Western Corn Belt both had no comparison but weighted averages of $86.03 and $85.95.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60. 

Pork values are sharply lower at midday – down $4.48 at $85.34.  Bellies dropped more than $20 to start the day.  Picnics were also sharply lower.  Butts and loins were lower.  Ribs and hams were higher.