Market News

Midday cash livestock markets

Direct cash cattle trade remains relatively quiet.  A few bids have surfaced in parts of cattle country in Kansas they’re at $175 to $176 live and in the North at $290 dressed.  Asking prices remain elusive.  Packer inquiry is expected to improve as the day progresses.  But significant trade volume could hold out until sometime on Friday. 

Boxed beef was lower at midday on light demand for light offerings. Choice was $1.24 lower at $321.54 and Select was $2.23 lower at $290.46.  The Choice/Select spread is $31.08. 

At the Green City Livestock Auction in Missouri, steers and heifers were sharply higher, mostly $8 to $15 higher with spots of $20 higher.  The USDA says the quality was excellent for the first of a two-day Annual Customer Appreciation sale that featured yearlings on Wednesday (calves and more yearlings will be featured Friday).  Most of the offering came from long-time reputation producers and many consignments were picked up by repeat buyers.  Short grass, continued dry weather, and concerns about feed availability has many producers bringing cattle earlier than normal.  Supply was heavy and demand was very good.  Receipts were down on the year.  Feeder supply included 58% steers and 84% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 602 to 643 pounds brought $283 to $292.50 and feeder steers 871 to 885 pounds brought $241.25 to $250.  Medium and Large 1 feeder heifers 634 to 643 pounds brought $251 to $258 and feeder heifers 706 to 744 pounds brought $246.50 to $254. 

Cash hogs opened sharply higher with solid negotiated purchases.  Strong pork demand continues to be the story for the cash hog market.  Demand for US pork on the global market has been relatively and so has domestic demand.  Both are supportive to prices.  Packers will likely continue their more aggressive procurement efforts and will bid up to move needed numbers.  The industry continues to monitor the availability of market-ready hogs. Barrows and gilts at the National Daily Direct are $2.26 higher with a base range of $98 to $103 and a weighted average of $100.75; the Iowa/Minnesota had no comparison but a weighted average of $100.95; the Western Corn Belt is $2.81 higher with a weighted average of $100.75.  Prices at the Eastern Corn Belt was not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets are steady at $68. At Illinois, slaughter sow prices were steady with moderate demand for heavy offerings at $28 to $39.  Barrows and gilts were steady with moderate demand for moderate offerings at $52 to $62.  Boars ranged from $15 to $25 and $5 to $10. 

Pork values are lower at midday – down $2.31 at $106.38.  Bellies and butts are sharply lower.  Ribs and hams are lower.  Picnics and loins were higher.