Market News

Midday cash livestock markets

Direct cash cattle trade activity has been slow to pick up following the long holiday weekend.  Packer inquiry has been very limited with bids yet to be surface.  Asking prices remain very elusive.  It’s likely significant trade volume will be delayed until sometime Thursday or Friday.

Boxed beef is higher at midday on solid demand for moderate offerings.  Choice is $.63 higher at $305.59 and Select was $.44 higher at $288.21.  The Choice/Select spread is $17.38.

At the Kingsville Livestock Auction in Missouri, steer and heifer calves were sharply higher, up $15 to $30. Yearling heifers sold steady to $3 higher, and a load of yearling steers sold $10 higher.  The USDA says demand was very good and the market was active.  Receipts were down on the week and up on the year.  Feeder supply included 62% heifers and 56% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 552 to 579 pounds brought $266.75 to $280.50 and feeder steers 606 to 644 pounds brought $232 to $272.75.  Medium and Large 1 feeder heifers 607 to 647 pounds brought $229 to $236 and feeder heifers 692 to 699 pounds brought $217 to $222.35. 

Cash hogs are sharply higher at midday with solid negotiated purchases.  Processors are more aggressive in their procurement efforts to start the day and bidding up to move needed numbers.  Demand for US pork on the global market has been strong, and that’s been beneficial to the market.  With summer grilling season here, there is optimism domestic demand will see a boost and also provide a little additional price support.  Hog weights are down this week to 281.8 pounds, down 2.2 pounds on the week and down 4.6 pounds on the year. Barrows and gilts at the National Daily Direct are $5.34 higher with a base range of $76 to $87 with a weighted average of $80.45.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60. 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 $2.87 higher at $86.55.  Loins and hams are both sharply higher.  Picnics, butts, and ribs are higher.  Bellies are lower.