Market News

Midday cash livestock markets

It’s a quiet start to the day for direct cash cattle business following the active day on Wednesday.  Bids haven’t resurfaced.  Asking prices for what’s left on showlists are at $173 live and $288 dressed.  While the bulk of the week’s business is likely wrapped up, look for some cleanup trade to take place over the balance of the week.  Southern live deals were at mostly $171, about steady in Kansas and $1 higher than the prior week’s weighted averages in Texas.  Dressed deals in the North were marked at $285 to $286, $4 to $5 higher than the previous week’s weighted average basis. 

Boxed beef was higher at midday with solid demand for light offerings.  Choice was $.64 higher at $298.94 and Select is $1.14 higher at $284.93.  The Choice/Select spread was $14.01. 

At the OKC West Livestock Auction in Oklahoma, feeder steers and heifers were $2 to $6 higher.  The USDA says demand was good to very good for yearlings.  Quality was average to attractive for feeders.  Steer and heifer calves were sharply higher with instances of $15 higher.  Demand was very good for calves and stocker cattle.  Receipts were up on the week and the year.  Feeder supply included 51% steers and 81% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 800 to 830 pounds brought $201 to $213 and feeder steers 906 to 946 pounds brought $190 to $199.50.  Medium and Large 1 feeder heifers 650 to 697 pounds brought $216 to $239 and feeder steers 753 to 798 pounds brought $187 to $199. 

Cash hogs are lower at midday with solid negotiated purchases.  The cash hog market has been very inconsistent this week.  But, that shouldn’t come as a surprise with the ample supplies of market-ready hogs keeping packers in the driver’s seat.  Demand has been relatively strong on the global market, and the industry is optimistic that will hold.  There’s also some hope the summer grilling season will give domestic demand a much-needed boost. Barrows and gilts at the National Daily Direct were $.38 lower with a base range of $73 to $85 and a weighted average of $78.99; the Iowa/Minnesota had no comparison but a weighted average of $83.60; the Western Corn Belt had no comparison but a weighted average of $83.13.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60 and $66. 

Pork values sharply higher at midday – up $2.91 at $83.78.  Bellies were sharply higher.  Hams, butts, and loins were also higher.  Picnics and ribs were lower.