Market News

Midday cash livestock markets

Direct cash cattle business is mostly quiet at midday. Scattered bids are coming in in the South with asking prices around $140 to $142. Northern asking prices have yet to be established. Business could be delayed to Thursday if packers aren’t willing to meet asking prices or if Northern asking prices are slow to come in.

Boxed beef values are higher at midday. Choice is up $2.80 at $267.30 and select is $2.09 higher at $256.93. The choice/select spread is $10.37.

At the OKC West Livestock Auction in El Reno, Oklahoma, compared to last week, steer and heifer calves sold $8 to $12 higher with some cattle over 600 pounds reaching $15 higher. USDA says demand was very good across the board with receipts sharply lower on the week and year. USDA says recent rains have grazers optimistic they can manage feed costs for feeder cattle. Feeder supply included 52 percent steers and 23 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers weighing 553 to 599 pounds brought $190 to $197 and feeder steers from 601 to 649 pounds brought $180 to $200. Medium and Large 1 feeder heifers weighing 502 to 546 brought $173 to $184 and feeder heifers from 624 to 647 pounds brought $157 to $172.

Cash hogs have no comparison at midday on heavy negotiated numbers. Demand for US pork on the global market and domestically has been strong and while that has been helping to provide price support, there are long-term demand concerns adding volatility to prices.  Processors have taken a step back and haven’t been as aggressive in their procurement efforts.  All eyes remain on the availability of market-ready hogs and today’s Quarterly Hogs and Pigs report.

Barrows and gilts at the National Daily Direct have a base range of $98 to $111 for a weighted average of $104.91 – $.12 below the five-day rolling average – the Iowa/Minnesota has a weighted average of $107.98; the Western Cornbelt has a weighted average of $107.86; the Eastern Cornbelt was not reported at midday due to confidentiality.

The pork carcass cutout value is lower at midday, down $.96 at $102.98. Picnics are sharply lower; loins, ribs and butts are lower; hams and bellies are higher.