Market News

Midday cash livestock markets

A light to moderate direct cash cattle trade developed Wednesday morning in all three major feeding areas. Live deals in the South are at $171, $3 lower than last week’s weighted averages, but steady with Tuesday’s business.  Dressed deals in the North are marked at mostly $271, $4 below the prior week’s weighted averages.  Asking prices are holding firm around $275 dressed in the North and $175 live in the South. Heading into Wednesday some light, scattered trade had been taking place throughout cattle country at prices even with today’s business. 

Boxed beef is mixed at midday on light to moderate demand for heavy offerings.  Choice is $2.31 lower at $291.44 and Select is $.58 higher at $259.71.  The Choice/Select spread is $31.73. 

At the Interstate Regional Stockyards in Missouri, feeder steers under 650 pounds were $5 to $15 higher, with instances of $20 higher.  Feeder heifers under 650 pounds were $2 to $10 higher.  Feeder steers and heifers over 650 pounds were nearly steady, but very lightly tested.  The USDA says demand was good and supply was moderate.  Receipts were up from the previous week, but down on the year.  Feeder supply included 43% steers, and 40% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 555 to 580 pounds brought $239 to $254.50 and feeder steers 600 to 649 pounds brought $226 to $253.  Medium and Large 1 feeder heifers 554 to 589 pounds brought $221 to $230 and feeder heifers 600 to 640 pounds brought $207 to $221.25. 

Cash hogs are higher at midday with solid negotiated purchases.  While packers have had to get aggressive in their procurement efforts and bid up, the market, overall has struggled.  Demand for U.S. pork on the global market has been strong, and that’s been supportive to prices, but there are long-term concerns.  Some other factors have been pressuring the market, ample supplies of market-ready hogs and rising hog weights.  In fact, hog weights were up nearly a pound this week to 290.6 pounds that’s also 4.2 pounds above year-ago weights. Barrows and gilts at the National Daily Direct are up $.93 with a base range of $52 to $58 and a weighted average of $54.89.  Prices at the regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets were not reported at midday. At Illinois, slaughter sow prices were $2 lower, with moderate demand for moderate offerings at $38 to $51.  Barrows and gilts were steady, with moderate demand for moderate offerings at $35 to $45.  Boars ranged from $18 to $21 and $5 to $10. 

Pork values are higher at midday – up $.63 at $85.30.  Bellies are sharply higher.  Ribs and loins are both sides of steady.  Picnics, butts, and hams are all lower.