Market News

Midday cash livestock markets

It’s another really quiet start for direct cash cattle business.  Packer inquiry has been limited, but should start to improve as the day progresses.  However, it is quite possible significant trade volume will be delayed until sometime Thursday or Friday.  Asking prices are around $158-plus live in the South, while still not established in the North. 

Boxed beef is mixed at midday on light to moderate demand for fairly light offerings.  Choice is $2.23 lower at $274.43 and Select is $.49 higher at $255.02.  The Choice/Select spread is $19.41. 

At the Imperial Auction in Nebraska, steers over 650 pounds were $3 to $10 lower than the prior week.  Heifers over 625 pounds were $3 to $5 lower.  The USDA says demand was moderate to good.  Receipts were up on the week and down on the year.  Feeder supply included 46% steers and 915 of the offering was over 600 pounds.  Medium and Large 1 feeder steers 765 to 784 pounds brought $171.25 to $178 and feeder steers 865 to 878 pounds brought $169.75 to $179.50.  Medium and Large 1 feeder heifers 654 to 699 pounds brought $168.50 to $176 and feeder heifers 752 to 769 pounds brought $163 to $168.25. 

Cash hogs are lower at midday with fairly light negotiated purchases.   The lackluster business in the cash hog market continues.  Prices have been lower and processors aren’t bidding up to move large numbers.  That could change this afternoon.  The industry continues to monitor the availability of market-ready hogs and the overall demand picture.  And while demand has held relatively strong on the global market and domestically, there are concerns any pressure to the global economy could impact it and ultimately push prices lower.  Hog weights this week are down on both the week and the year. Barrows and gilts at the National Daily Direct are $.96 lower with a base range of $69 to $71.75 and a weighted average of $70.26.  Prices at the regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $56. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $30 to $44.  Barrows and gilts were steady with moderate demand for moderate offerings at $54 to $64.  Boars ranged from $15 to $20 and $10 to $13. 

Pork values are weak at midday – down $.07 at $77.37.  Picnics are sharply lower.  Bellies are lower.  Butts, loins, and hams are about steady to higher. 

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