Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet again.  Bids have yet to surface.  Asking prices in the South are around $189 to $191 live, while the North remains quiet.  Some packer inquiry could start to pick up as the day progresses, but if business follows the trend of recent weeks, it’s more than likely significant trade volume will hold out until sometime Thursday or Friday.

Boxed beef is mixed at midday with light to moderate demand for moderate offerings.  Choice is $1.71 higher at $313.83 and Select is $.89 lower at $302.54.  The Choice/Select spread is $11.29. 

At the Ozarks Regional Stockyards in Missouri, steer and heifer calves under 700 pounds sold steady in a lightly tested market.  Seven and eight-weight feeder steers and heifers sold $2 to $4 higher.  The USDA says demand was good on a light supply.  Receipts were down on the week and up on the year.  Feeder supply included 62% steers and 50% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 655 pounds brought $292 to $294 and feeder steers 801 to 849 pounds brought $250.50 to $257.  Medium and Large 1 feeder heifers 665 to 680 pounds brought $227 to $235. 

Cash hogs have no comparison at midday with moderate negotiated purchases.  Processors appear to be a bit more aggressive in their procurement efforts as there’s likely some buying interest following the holiday weekend.  Hog weights were up slightly on the week to 288 pounds, but that’s 6.2 pounds above year-ago levels. Demand for US pork remains a bright spot both on the global market and domestically.  That is providing key price support.  And the industry is keeping a close eye on the availability of market-ready hogs. Barrows and gilts at the National Daily Direct had a base range of $84 to $89.50 and a weighted average of $87.64; the Iowa/Minnesota had a weighted average of $88.95; the Western Corn Belt had a weighted average of $88.91.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are at $55, that’s $5 higher than the most recent reported test. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $36 to $48.  Barrows and gilts were steady with moderate demand for moderate offerings at $51 to $61.  Boars ranged from $18 to $28 and $8 to $15. 

Pork values were lower at midday – down $.92 at $102.48.  Loins, hams, bellies, and butts were all lower.  Ribs and picnics were higher.

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