Midday cash livestock markets

Direct cash cattle trade activity is still quiet.  Bids are on the table in Nebraska at $335, with limited trade reported.  Bids have also been floated this week at $215 live in the South, but were passed.  Asking prices were floated earlier in the week at $340 dressed in Nebraska, but have not resurfaced.  Look for more trade to develop before the end of the day. 

Boxed beef was lower at midday with light demand for light offerings.  Choice was $1.75 lower at $355.84 and Select was $.79 lower at $347.92.  The Choice/Select spread is $7.92. 

At the MO-KAN livestock market in Missouri, steers and heifers sold steady to spots of $10 higher on some calves weighing less than 500 pounds.  The USDA says demand was moderate to good for a moderate supply.  Receipts were up on the week and the year.  Feeder supply included 73 percent steers with 61 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 472 to 493 pounds brought $434 to $464 and feeder steers 861 to 871 pounds brought $338.   Medium and Large 1 feeder heifers 426 to 428 pounds brought $454 to $459 and feeder heifers 611 to 646 pounds brought $337 to $349. 

Cash hogs are mixed at midday with solid negotiated purchases.  Supplies of market ready hogs are ample, and that means demand is crucial to providing price support.  The USDA says export sales rose 6 percent on the week and are up 3 percent from the 4-week average.  Mexico remains the top buyer of US pork.  However, there are still lingering concerns about long-term demand strength for pork on both the global and domestic markets. Barrows and gilts at the National Daily Direct are $.08 lower with a base range of $34 to $45 and a weighted average of $42.26; the Iowa/Minnesota is $.18 lower with a weighted average of $42.65; the Western Corn Belt was $.06 higher with a weighted average of $42.80.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $2 lower at $42. At Illinois, slaughter sows were steady with moderate demand for light offerings at $36 to $48.  Barrows and gilts were $3 lower with moderate demand for moderate offerings at $36 to $34.  Boars ranged from $10 to $12 and $4. 

Pork values were sharply higher at midday, up $3.17 at $72.31.  Bellies, hams, ribs, picnics, and butts were all up sharply.  Loins were lower.