Market News

Midday cash livestock markets

Direct cash cattle trade has started the day off fairly quiet.  There are a few bids on the table in parts of the North at $120 live and $190 to $195 dressed.  Asking prices for cattle that remain on showlists are $122 live and $198 to $200 dressed.  A moderate trade took place in the South yesterday with live business marked at $120, that’s $2 to $3 lower than the prior week’s weighted averages.  There was limited trade in the North with deals at $195 to $196 dressed.   

Boxed beef opened lower to sharply lower on light demand for moderate to heavy offerings.  Choice is $1.01 lower at $222.86 and Select opened $4.08 lower at $207.75.  The Choice/Select spread is $14.11. 

At the Kingsville Livestock Auction in Missouri, receipts are down on the week.  Compared to last week, steers and heifers sold $3 to $10 lower.  There were mostly smaller packages of un-weaned or short-weaned cattle offered.  Demand was light to moderate with a light supply.  Feeder supply included 49 percent steers and 29 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 425 to 442 pounds brought $171 to $185.50 and feeder steers 565 to 599 pounds brought $162.50 to $170.  Medium and Large 1 feeder heifers 474 to 494 pounds brought $149 to $159 and feeder heifers 557 to 588 pounds brought $142.50 to $149.   

Cash hogs opened steady with moderate negotiated purchase totals.  There are two factors at play right now in the cash market – the ample supply or ready barrows and gilts combined with the record or near record slaughter totals and the potential for an increase in demand as China will likely have to turn elsewhere to meet their pork and protein needs.  All eyes will be on Thursday’s Export Sales report to see if China, is in fact, buying pork from the US.  Trade talks with China are set to resume – and the industry is watching for any news to come out of those.  Hogs weights this week dropped again, down .3 of a pound to 285.8 pounds, but they are still up on the year.  Barrows and gilts at the National Daily Direct opened $.05 higher with a range of $77.66 to $82 for a weighted average of $79.32.  Prices at the regional direct markets were not reported at midday due to confidentiality.   

Butcher hog prices at the Midwest cash markets are $2 lower at $58.  At Illinois, slaughter sow prices are weak at $50 to $67 with good demand for moderate to heavy offerings.  Receipts are down on the week and the year.  Barrow and gilt prices are steady at $51 to $57 with moderate demand for moderate offerings.   

Pork values opened lower – down $1.12 at $84.55.  Butts and bellies were sharply lower.  Hams were lower.  Picnics and loins were firm and ribs were higher.