Market News

Midday cash livestock markets

Direct cash cattle trade activity remains quiet.  Bids are slow to surface.  Early asking prices are around $174-plus live in the South, but the North remains quiet.  It’s likely significant trade will be pushed into Thursday or even Friday. 

Boxed beef is higher at midday on solid demand for decent offerings.  Choice is $1.79 higher at $281.95 and Select was $4.11 higher at $266.94.  The Choice/Select spread is $15.01.

At the Ozarks Regional Stockyards in Missouri, steers and heifer calves under 700 pounds were $3 to $6 lower.  Heavier weights were not well tested.  The USDA says demand was light to moderate on the light supply.  Receipts were down significantly on the week and the year, and the winter weather has played a significant role in that, as transportation and handling conditions were a major concern.  The largest draft of the day was 86 head of steers at 604 pounds, which brought $250.  Feeder supply included 51% steers and 43% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 405 to 448 pounds brought $295 to $310 and feeder steers 604 to 641 pounds brought $240 to $255.  Medium and Large 1 feeder heifers 450 to 455 pounds brought $235 to $241 and feeder heifers 555 to 565 pounds brought $210 to $219.

Cash hogs are higher at midday with decent negotiated purchases.  Processors had to get more aggressive in their procurement efforts to move needed numbers.  Hog weights rose again this week to 293.1 pounds, that’s up .6 of a pound from last week and 1.4 pounds over year-ago levels.  Heavier weights mean more pork, and that, combined with ample supplies of market-ready hogs, allows packers more leverage.  Demand for US pork remains relatively strong on the global market, and that’s supportive of prices.  But, domestic demand continues its struggle. Barrows and gilts at the National Daily Direct are $2.14 higher with a base range of $41 to $46 and a weighted average of $45.74; no comparisons at the Iowa/Minnesota or the Western Corn Belt but weighted averages of $45.81 and $45.82.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $36. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $26 to $38.  Barrows and gilts were steady with moderate demand for moderate offerings at $25 to $35.  Boars ranged from $10 to $20 and $5 to $10.

Pork values were sharply higher at midday – up $3.895 at $88.38.  Bellies, hams, picnics, butts, and loins were all higher.  Ribs were lower.