Midday cash livestock markets

Direct cash cattle trade activity is quiet.  Bids and asking prices haven’t surfaced.  It looks like significant trade volume is going to hold out until sometime Thursday or Friday. 

Boxed beef was lower at midday with light demand for moderate offerings.  Choice was $2.38 lower at $360.60 and Select was $2.21 lower at $349.41.  The Choice/Select spread is $11.19. 

At the Ozarks Regional Stockyards in Missouri, steers were uneven, from $5 lower to $5 higher.  Heifers were steady to $5 higher.  The USDA says demand was good, especially for grazing calves.  Supply was moderate and quality was average at best.  Receipts were up on the week and the year.  Feeder supply included 50 percent steers with 35 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 462 to 497 pounds brought $447.50 to $490 and feeder steers 661 to 686 pounds brought $347.50 to $363.  Medium and Large 1 feeder heifers 453 to 493 pounds brought $380 to $405 and feeder heifers 550 to 588 pounds brought $327 to $345. 

Cash hogs have no comparison at midday with decent negotiated purchases.  Supplies of market-ready hogs are ample, and hog weights have been creeping back up.  Processors continue to have leverage and are finding no need to bid up and get more aggressive in their procurement efforts.  The industry continues to monitor demand, and while there have been some bright spots there are lingering concerns about long-term demand strength.  Hog weights rose to 294.3 pounds this week, up 0.8 pounds from last week and nearly 2.5 pounds heavier than last year.   

The five-day rolling average for barrows and gilts at the National Daily Direct is $40.87; it’s $40.12 for both the Iowa/Minnesota and the Western Corn Belt. 

Butcher hog prices at the Midwest cash markets are $2 lower at $44. 

Pork values were higher at midday, up $.23 at $69.75.  Butts were sharply higher.  Picnics and loins were up.  Ribs and bellies were down sharply and hams were lower.