Midday cash livestock markets

It’s been a very quiet week thus for direct cash cattle business.  Bids and asking prices have yet to surface.  Packer interest could improve as the day progresses.  But it wouldn’t be a big surprise to see significant trade volume hold out until late in the day Friday.  

Boxed beef was mixed at midday with light and moderate demand for decent offerings.  Choice was $.09 lower at $360.17 and Select was $1.78 higher at $349.25.  The Choice/Select spread is $10.92. 

At the Bassett Livestock Auction in Nebraska, steers 450 to 550 pounds were $14 to $20 higher.  There was no comparable offering for heifers.  The USDA says demand was very good with several buyers both in-house and online.  Replacement quality heifers were met with very good demand.  Receipts were up on the week and the year.  Feeder supply included 75 percent steers with 53 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 551 to 593 pounds brought $429 to $465 and feeder steers 604 to 643 pounds brought $400 to $427.  Medium and Large 1 feeder heifers, replacement, 550 to 579 pounds brought $410 to $447.50 and feeder heifers, replacement, 602 to 633 pounds brought $405 to $464. 

Cash hog prices at the major direct were not reported at midday due to packer submission problems.  The cash hog market has struggled recently.  There are several things that could be contributing to the price slide.  Seasonality is likely a factor.  But also, supplies of market-ready hogs are ample and with hog weights creeping back up it result in increased supplies of pork.  When processors have leverage, they’re able to move needed numbers without having to get too aggressive in their procurement efforts.  Plus, there continues to be lingering concerns about long-term demand strength, both on the global market and domestically.   

Butcher hog prices at the Midwest cash markets are steady at midday at $44. At Illinois, slaughter sows were $3 lower with moderate demand for heavy offerings at $36 to $48.  Barrows and gilts were $3 lower with moderate demand for moderate offerings at $29 to $37.  Boars ranged from $25 to $35 and $15 to $20. 

Pork values were lower at midday, down $.27 at $69.06.  Picnics were down sharply.  Butts, loins, and hams were also lower.  Ribs and bellies were higher and sharply higher.