Market News

Midday cash livestock markets

Direct cash cattle trade activity has been quiet.  Bids and asking prices have yet to surface.  Showlists this week are mixed – somewhat higher in Kansas, but lower in Nebraska, Colorado, and in Texas.  Significant trade volume will likely be delayed until Midweek or later. 

Boxed beef is higher at midday with solid demand for moderate offerings.  Choice is $1.16 higher at $323.80 and Select is $2.09 higher at $307.16.  The Choice/Select spread is $16.64. 

At the Oklahoma National Stockyards, feeder steers were $1 to $3 higher.  Steer calves were $3 to $5 lower.  Feeder heifers were $2 to $5 lower.  Heifer calves were $5 to $8 lower.  The USDA says quality was plain to average and demand was moderate.  Calf buyers have pulled back some this week as heat and dry conditions have amped up.  Receipts were up on the week but down on the year.  Feeder supply included 58% steers and 66% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 613 to 644 pounds brought $270 to $311 and feeder steers 707 to 744 pounds brought $256 to $278.  Medium and Large 1 feeder heifers 557 to 597 pounds brought $252 to $271 and feeder heifers 659 to 687 pounds brought $240.50 to $255. 

Cash hogs are higher at midday with moderate negotiated purchases.  Processors have been a bit more aggressive in their procurement efforts.  The demand for U.S. pork on the global market remains strong, and that’s a bright spot for the market.  But there are a couple of things limiting upside potential:  The ample supplies of market-ready hogs and hog weights that are still relatively high (ensuing a lot of available pork). It’s uncertain whether Thursday’s Quarterly Hogs and Pigs report will have any impact on the market. Barrows and gilts at the National Daily Direct are $1.29 higher with a base range of $85 to $89 and a weighted average of $87.76 and the Western Corn Belt is $1.26 higher with a weighted average of $87.76.  Prices at the Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $66.   At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $61 to $73.  Barrows and gilts were steady with moderate demand for moderate offerings at $52 to $62.  Boars ranged from $18 to $28 and $8 to $15. 

Pork values were higher at midday – up $1.21 at $99.04.  Bellies are sharply higher.  Picnics and butts were both higher.  Ribs, loins, and hams were all lower.

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