Market News

Midday cash livestock markets

Another quiet start for direct cash cattle business. Bids and asking prices have yet to surface.  It’s likely business will follow the trend of recent weeks and significant trade volume will be delayed until the last half of the week. 

Boxed beef is mixed at midday on light to moderate demand for moderate offerings.  Choice is $.42 higher at $277.85 and Select is $.31 lower at $256.24.  The Choice/Select spread is $21.61.

At the Callaway Livestock Market in Missouri, steer calves 400 to 500 pounds were $10 to $15 higher, steers 500 to 700 pounds were $4 to $8 higher, and steers 700 to 750 pounds were firm to $5 higher.  Feeder heifers 400 to 500 pounds were firm to $5 higher, heifers 500 to 600 pounds were steady to firm, 600-to-700-pound heifers were lightly tested and heifers 700 to 765 pounds were steady to firm.  Receipts were down on the week and up on the year.  Feeder supply included 53% steers and 45% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 553 to 598 pounds brought $197 to $211 and feeder steers 607 to 648 pounds brought $194 to $205.75.  Medium and Large 1 feeder heifers 551 to 581 pounds brought $176 to $185.50 and feeder heifers 706 to 729 pounds brought $165.25 to $174.25. 

Cash hogs are about steady at midday with moderate negotiated purchases.  The cash hog market has continued to struggle to find support.  While there’s some optimism that demand could see a spike as pork remains a value buy for consumers, the market, overall, has shown some weakness.  Demand for US pork has also remained relatively strong on the global market, and while that is expected to continue, there are concerns economic slowdowns could pressure demand and push prices lower. Barrows and gilts at the National Daily Direct are $.01 lower with a base range of $65 to $74 and a weighted average of $71.22; the Iowa/Minnesota and the Western Corn Belt both had no comparison but weighted averages of $72.35.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $56. Pork values are lower at midday – down $1.03 at $79.56.  Bellies are sharply lower.  Picnics and butts are lower.  Ribs, loins, and hams are higher to sharply higher.