Market News

Midday cash livestock markets

Direct cash cattle trade activity remains relatively quiet.  Bids have surfaced in Nebraska at $280 dressed.  Asking prices have been floated in the South at $182-plus live, while the North remains quiet.  While some business could develop yet today, it’s more than likely any significant trade will hold out until sometime Thursday or Friday.

Boxed beef is higher at midday on good demand for solid offerings.  Choice is $1.39 higher at $295.46 and Select is $.35 higher at $284.95.  The Choice/Select spread is $10.51. 

At the Interstate Regional Stockyards in Missouri, feeder steers were $3 to $5 higher.  Feeder heifers under 650 pounds were steady and heifers over 650 pounds were $3 to $5 higher.  The USDA says demand was good to very good and supply was moderate.  Receipts were down on the week and the year.  Feeder supply included 48% steers and 50% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 600 to 645 pounds brought $246 to $255 and feeder steers 715 to 742 pounds brought $245 to $257.50.  Medium and Large 1 feeder heifers 560 to 595 pounds brought $238 to $257 and feeder heifers 608 to 643 pounds brought $229 to $243. 

Cash hogs had no comparison at midday but moderate negotiated purchases. There’s optimism that momentum from Monday’s sharply higher business will carry over into today. While there are ample supplies of market-ready hogs packers have had some challenges obtaining needed numbers.  Global demand for US pork has been strong, which helps provide price support.  Hog weights pulled back a pound this week, but are still nearly 5 pounds above last year, indicating there is plenty of pork available.  Barrows and gilts at the National Daily Direct had a base range of $49 to $68.50 and a weighted average of $65.88.  Prices at the Regional Direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets were steady at $48. At Illinois, slaughter sow prices were $2 higher with moderate demand for moderate offerings at $31 to $43.  Barrows and gilts were $2 higher with moderate demand for moderate offerings at $32 to $42.  Boars ranged from $15 to $25 and $8 to $15.

Pork values were lower at midday – down $2.67 at $83.56.  Bellies were sharply lower.  Butts, hams, and loins were also lower.  Picnics and ribs were higher.