Market News

Midday cash livestock markets

It’s another slow start for direct cash cattle business.  A lone bid has surfaced at $191 live in the North, while asking prices have yet to be established.  Packer inquiry could pick up as the day progresses. But significant trade volume isn’t expected to develop until Midweek or later. 

Boxed beef is sharply higher at midday on solid demand for light offerings.  Choice is $5.32 higher at $319.51 and Select is $2.46 higher at $299.19.  The Choice/Select spread is $20.32. 

At the Callaway Livestock Auction in Missouri, compared to two weeks ago steer calves under 650 pounds and heifer calves under 600 pounds were $10 to $20 higher with 5-weight steers and heifers going for as much as $25 higher.  Steers 850 to 950 pounds were $13 to $14 higher on comparable potloads.  Yearling steers over 700 pounds and heifers over 600 pounds sold with a sharply higher undertone on limited comparisons.  The USDA says there were a lot of good quality calves and yearlings selling in part loads, several pot loads, and large groups.  All sold on a very active market.  Dry conditions and surging markets are giving producers a good reason to bring feeders to auction.  Receipts were up from two weeks ago and the year.  Feeder supply included 56% steers and 37% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 551 to 590 pounds brought $269 to $290 and feeder steers 602 to 629 pounds brought $249 to $272.50.  Medium and Large 1 feeder heifers 457 to 499 pounds brought $256 to $276 and feeder heifers 604 to 631 pounds brought $234.50 to $246. 

Cash hogs opened sharply higher with huge negotiated purchases.  Processors had to get aggressive in their procurement efforts and bid up to move needed numbers Tuesday morning.   Demand for US pork on the global market has been strong.  And there is optimism domestic demand will see a boost as the summer grilling season gets into full swing.  Both help to provide some price support. Barrows and gilts at the National Daily Direct are $10.31 higher with a base range of $77 to $95 and a weighted average of $90.61; the Iowa/Minnesota had no comparison but a weighted average of $93.87; the Western Corn Belt is $10.38 higher with a weighted average of $93.87. 

Butcher hog prices at the Midwest cash markets were 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 $46 to $56.  Boars ranged from $15 to $25 and $5 to $10. 

Pork values are sharply lower at midday – down $3.78 at $85.28.  Bellies dropped more than $22.  Hams and ribs were also lower.  Butts, loins, and picnics were higher.