News

Midday cash livestock markets

Direct cash cattle trade is off to a slow start again Wednesday. Packer inquiry remains very limited, with even a token bid nowhere to be found. Asking prices are around $166 to $167-plus live in the South, but still not established in the North. The Fed Cattle Exchange Auction today reported 7 lots totaling 1,055 head. None were sold. Opening prices were at $163, high bids were at $163.25 to $164, but none of these met reserve prices of $165 to $167. Just a handful of live trade was reported in parts of Iowa yesterday at $162. But not enough business has been conducted this week to establish any kind of an accurate trend.

Boxed beef was lower at midday on light demand for light offerings. Choice is $1.58 lower at $286.35 and Select is $.91 lower at $276.58.

At the Ozarks Regional Stockyards in Missouri, steer and heifer calves traded $6 to $12 higher compared to last week with spots $16 higher. USDA says yearlings were not well tested however undertones were higher. Demand was very good on a moderate supply. Two-thirds of the offering was under 600 lbs. including one draft of 277 head of 5 weight steers. Yesterday the daily feeder cattle index settled at over $193, which is the highest since September 2015. Medium and Large 1 feeder steers 552 to 596 pounds brought $222.50 to $244 and feeder steers 706 to 722 pounds brought $188 to $206. Medium and Large 1 feeder heifers 451 to 499 pounds brought $202 to $220 and feeder heifers 607 to 648 pounds brought $177 to $183.

Cash hogs are higher at midday with large negotiated purchases.  Processors started the day more aggressive in their procurement efforts and bid up to move their needed numbers.  Demand, overall, has been strong and that’s helped provide some price support. The cash market, overall, has struggled to find some consistency.  The industry continues to monitor the availability of market-ready hogs.

Barrows and gilts at the National Daily Direct were $1.13 higher with a base range of $73 to $80 and weighted average of $78.49; the Iowa/Minnesota is $2.23 higher with a weighted average of $78.40; the Western Corn Belt is $1.99 higher with a weighted average of $78.40; and the Eastern Corn Belt had no comparison but a weighted average of $78.60.

Butcher hogs at the Midwest cash markets are called steady to a dollar higher today. It looks like business is in for another round of mostly higher trade with many buyers still needing to secure more near-term ready numbers.

At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $52 to $65. Barrows and gilts were steady  with moderate demand for moderate offerings at $51 to $61. Boars were $15 to $25 and $8 to $15.

Pork values are higher at midday – up $1.49 at $88.51. Bellies, hams, picnics, butts, and loins are all higher. Ribs are lower.