Market News

Midday cash livestock markets

Direct cash cattle trade activity remains quiet.  Bids have been slow to pick up.  Asking prices are around $174 to $175 live in the South, while the North remains quiet.  Weather remains a challenge for many and significant trade volume will likely be delayed until sometime Thursday or Friday.

Boxed beef is higher at midday on solid demand for moderate offerings.  Choice was $2.94 at $297.93 and Select was $2.20 higher at $282.18.  The Choice/Select spread was $15.74. 

At the Winter Livestock Auction in Colorado, trade activity and demand were both good.  Feeder steers were mostly $1 to $12 higher across all weight classes with instances of sharply higher sales.  Feeder heifers were mostly $1 to $8 higher across all weight classes with spots of $12 higher.  Receipts were down slightly on the week and on the year.  Feeder supply included 55% steers and 64% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 602 to 629 pounds brought $280 to $287 and feeder steers 842 pounds brought $218.  Medium and Large 1 feeder heifers 603 to 640 pounds brought $220 to $234 and feeder heifers 751 to 771 pounds brought $202.25 to $203. 

Cash hogs are higher at midday as packers look to fill slaughter needs.  Processors got a little more aggressive in their procurement efforts and bid up to move needed numbers.  Heavier hog weights and ample supplies of market-ready hogs add more pork to the market, giving packers more leverage.  Weights increased to 293.1 pounds this week, 0.6 pounds above last week, and 1.4 pounds more than year-ago levels.  Demand for US pork has been relatively strong on the global market, which does help provide some prices support.  But, domestic demand remains sluggish. Barrows and gilts at the National Daily Direct are $.19 higher with a base range of $40 to $47 and a weighted average of $45.84; the Iowa/Minnesota was $.26 higher with a weighted average of $45.99; the Western Corn Belt was $.22 higher with a weighted average of $45.87.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets were steady at $36. At Illinois, slaughter sow prices were $2 lower with moderate demand for moderate offerings at $23 to $35.  Barrows and gilts were $1 lower with moderate demand for moderate offerings at $24 to $34.  Boars ranged from $10 to $20 and $5 to $10.

Pork values were higher at midday – up $1.07 at $88.86.  Loins, bellies, hams, ribs, and picnics were higher.  Butts were lower.