Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet.  Bids haven’t surfaced.  Asking prices in the North have yet to be established, but in the South asking prices have been floated at $188-plus live.  Packer inquiry could start to pick up as the day progresses – but it would be no surprise to see any significant amount of business hold out until sometime Thursday or Friday. 

Boxed beef is lower at midday with light demand for solid offerings.  Choice is $1.65 lower at $302.51 and Select is $1.05 lower at $297.94.  The Choice/Select spread is $4.57.

At the Lolli Brothers Livestock Market in Missouri, steer and heifer calves 400 to 500 pounds were steady to firm.  Five-weight steers sold with a lower undertone on a light test.  Steers 600 to 650 pounds were steady and steers over 650 pounds were not well tested.  Feeder heifers 500 to 600 pounds were steady, and heifers 600 to 650 pounds were not well tested.  The USDA says demand was moderate to good at best.  There were more new-crop calves in the offering and the calves and quality were not as good as the previous week.  Receipts were down on the week and the year.  Feeder supply included 25% steers and 69% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 516 to 542 pounds brought $317.50 to $320.25 and feeder steers 608 to 643 pounds brought $293.50 to $304.50.  Medium and Large 1 feeder heifers 603 to 642 pounds brought $253.25 to $255.75 and feeder heifers 676 to 696 pounds brought $251.85 to $259. 

Cash hogs had no comparison at midday with solid negotiated purchases.  Processors came out a little more aggressive in their procurement efforts to move needed numbers.  Demand has been a bright spot – both on the global market and the recently found bounce in domestic demand.  That’s all good news for prices.  We’ll see if the market can continue its momentum today.  The industry continues to monitor the availability of market-ready hogs and hog weights, which were down slightly on the week and even on the year. Barrows and gilts at the National Daily Direct had a base range of $80 to $88 and a weighted average of $85.59; the Iowa/Minnesota had a weighted average of $85.62; the Western Corn Belt has a weighted average of $86.01.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $55. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $50 to $62.  Barrows and gilts were $1 higher with moderate demand for moderate offerings at $44 to $54.  Boars ranged from $15 to $25 and $8 to $15.

Pork values were lower at midday – down $1.51 at $95.62.  Ribs and loins were sharply lower.  Hams, butts, bellies, and picnics were also lower.

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