Market News

Midday cash livestock markets

Direct cash cattle trade is off to a slow start again this week.  The bitterly cold temperatures and extreme winter weather are likely contributing to the delay in business.  Bids and asking prices haven’t surfaced.  Significant trade volume will likely be delayed until late in the week.

Boxed beef is higher and sharply higher at midday on good demand for solid offerings.  Choice is $2.73 higher at $294.15 and Select is $6.92 higher at $279.48.  The Choice/Select spread is $14.67. 

In Kentucky last week, feeder cattle sales were mixed.  Steers under 600 pounds were $3 to $5 higher with instances of $12 higher.  Steers above 600 pounds were $4 to $8 lower with some instances of sharply lower sales reported.  Heifers under 500 pounds were $2 to $4 higher and heifers over 500 pounds were $2 to $4 lower.  The UDSA says demand was moderate to good for all feeder classes.  Feeder supply included 44% steers (43% heifers) and 55% of the offering was over 600 pounds.  Medium and Large 1-2 feeder steers 600 to 649 pounds brought $202 to $247 and feeder steers 650 to 698 pounds brought $205 to $242.50.  Medium and Large 1-2 heifers 600 to 648 pounds brought $168 to $217 and feeder heifers 650 to 699 pounds brought $171 to $212.25. 

Cash hogs have no comparisons at midday with fairly light negotiated purchases.  The cash hog market is trying to find some consistency that would support prices and move them higher.  Demand for U.S. pork on the global market remains relatively strong and that has helped.  But ample supplies of market-ready hogs, plus heavier weights, add more pork to the market, giving packers the upper hand.  Processors don’t have to get aggressive in their procurement efforts and bid up to move needed numbers. Barrows and gilts at the National Daily Direct have a base range of $45 to $46 and a weighted average of $45.65; the Iowa/Minnesota has a weighted average of $45.73; the Western Corn Belt has a weighted average of $45.65.  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 light offerings at $25 to $37.  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 weak at midday – down $.17 at $86.89.  Butts were lower.  The rest of the primals were firm to higher.