Market News

Midday cash livestock markets

Direct cash cattle markets are quiet. Asking prices are $143 to $145 on the live basis in the south, with bids of $140 to $141 live and no reports of any interest yet in the north. Widespread business this week could wait until Wednesday. Market ready numbers are tighter, but buyers were able to move some supplies ahead last week, which might limit packer demand.

Boxed beef at midday is lower with heavy movement. Choice was down $2.07 at $256.87 and Select was $.85 lower at $234.91.

At the Callaway Livestock Center feeder cattle auction in Kingdom City, Missouri, compared to the last test two weeks ago, steer calves weighing 400 to 600 pounds were firm to $5 higher, with spots of $7 to $8 higher in the 500 to 550 pound category and a sharply higher undertone for 6 weights. 8 weight steers were firm with a higher undertone, but no recent test. Feeder heifers weighing 400 to 600 pounds were firm to up $5, with heifers weighing more than 600 pounds lightly tested, but with a firm to higher undertone. The USDA says the offering included many good to top quality 400-to-650-pound calves and 825-to-925-pound yearlings, which saw a very active market and good demand. Receipts of 2,682 head were above both the last test and a year ago. 92% of the weekly offering were feeder cattle, with 56% of those steers and 54% weighing more than 600 pounds. Medium and Large 1 feeder steers weighing 500 to 600 pounds sold at $209 to $225 with 800-to-900-pound steers reported at $172.25 to $187. Medium and Large 1 feeder heifers weighing 500 to 600 pounds brought $183 to $196 and 600-to-700-pound heifers ranged from $178 to $190.25.

Cash hogs are steady with light opening negotiated numbers for the major direct markets. Prices are holding at midday, but Tuesday’s business is expected to have at least a lower undertone. Most buyers are expected to issue another round of lower bids, more concerned about improving margins and limiting spending than the tighter market ready numbers. Further indicators of near and long-term supplies will be in the USDA’s Quarterly Hogs and Pigs report, out on the 29^th.

The major direct barrow and gilt markets were not reported due to confidentiality following Monday’s lower close with even lighter movement. National direct barrows and gilts have a five-day rolling average of $93.30, with Iowa/Southern Minnesota at $103.23, the Western Corn Belt averaging $99.70, and the Eastern Corn Belt averaging $93.13.

Butcher hogs at the Midwest cash markets are steady at $70.

Pork at midday is down $.94 at $104.77. Loins, butts, picnics, ribs, and bellies are weak to sharply lower, while hams were sharply higher.