Midday cash livestock markets
Direct cash cattle business is off to a strong start. Live deals in the South are marked at $171, steady in Kansas and $1 higher than the prior week’s weighted averages. Dressed deals in Nebraska are at $284 to $285, $3 to $4 higher than the previous week’s weighted average basis. Asking prices are firm at $174 live in the South and $287 dressed in the North. Business for the week got underway on Tuesday with a handful of deals reported in Nebraska at $280 and in Texas at $170.
Boxed beef is mixed at midday on light to moderate demand for moderate offerings. Choice is $1.37 lower at $288.37 and Select is $2.10 higher at $283.38. The Choice/Select spread is $15.99.
At the Ozarks Regional Stockyards in Missouri, steer and heifer calves under 700 pounds were $4 to $8 higher with spots of $15 higher. Heavier weight feeders sold steady to $2 higher. The USDA says demand was very good on a heavy supply. Quality was above average with several large drafts of long-weaned and vaccinated black hided-calves that were in pot-load or multi-load packages. Receipts were up on the week and down on the year. Feeder supply included 49% steers and 34% of the offering was over 600 pounds. Medium and Large 1 feeder steers 500 to 549 pounds brought $257.50 to $279 and feeder steers 602 to 647 pounds brought $239 to $257. Medium and Large 1 feeder heifers 505 to 536 pounds brought $225 to $243 and feeder heifers 609 to 610 pounds brought $229 to $234.
Cash hogs are solidly higher at midday with large negotiated purchases. That momentum from Tuesday’s business appears to be carrying over into today’s business. Processors are starting off more aggressive in their procurement efforts and bidding up to move needed numbers. There’s not been a lot of consistency in the market recently, and with ample supplies of market-ready hogs, business has been moving at the will of the packers. Demand for US pork on the global market has held relatively strong and there is optimism the summer grilling season will improve domestic demand. Barrows and gilts at the National Daily Direct are $3.36 higher with a base range of $73 to $87.50 and a weighted average of $79.37 and the Eastern Corn Belt had no comparison but a weighted average of $76.50. Prices at the Iowa/Minnesota and the Western Corn Belt were not reported due to confidentiality.
At Illinois, slaughter sow prices were steady with moderate demand for heavy offerings at $10 to $20. Barrows and gilts were steady with moderate demand for moderate offerings at $44 to $54. Boars ranged from $15 to $25 and $5 to $10.
Pork values are lower at midday – down $2.25 at $81.25. Bellies are sharply lower. Picnics, butts, and loins are lower. Hams are about steady. Ribs are higher.