Market News

Midday cash livestock markets

Direct cash cattle trade activity is starting to pick.  Bids have surfaced at $186 to $188 live and $308 to $310 dressed.  Asking prices are starting around $192 live in the South and $325 dressed in the North.  Packer inquiry should pick up throughout the day – but with this Thursday holiday it is possibly that significant trade volume holds out until sometime Friday. 

Boxed beef is lower at midday on light demand for light offerings.  Choice is $.70 lower at $329.69 and Select is $.12 lower at $306.36.  The Choice/Select spread is $23.33.

At the Ozarks Regional Stockyards in Missouri, feeder steers and heifers were $3 to $6 higher.  Steer and heifer calves under 600 pounds were steady to $5 higher in a lightly tested market.  The USDA says demand was good on a light supply of calves and a moderate supply of yearlings.  The offering consisted of several multi-put load drafts of yearling steers and heifers.  Receipts were up on the week, but down on the year.  Feeder supply included 50% steers and 64% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 815 to 841 pounds brought $247 to $259 and feeder steers 921 pounds brought $238.  Medium and Large 1 feeder heifers 770 pounds brought $240 and feeder heifers 807 to 838 pounds brought $227.50 to $239.50. 

Cash hogs are higher at midday with moderate negotiated purchases.  Processors appear to be in a spending move and are bidding up to mood needed numbers.  It remains to be seen if that will carry into this afternoon.  Hog weights have pulled back substantially this week – down nearly 3 pounds as they continue the seasonal decline.  But, weights are still nearly 8 pounds above last year’s level.  The industry is also monitoring the supplies of market-ready hogs.  U.S. pork continues to be competitive on the global market, a bright spot that does provide some price support. Barrows and gilts at the National Daily Direct are $.27 higher with a base range of $83 to $93 and a weighted average of $90.20; the Iowa/Minnesota is $1.45 higher with a weighted average of $91.11; the Western Corn Belt is $1.45 higher with a weighted average at $91.11.  Prices at the Eastern Corn Belt was not reported at midday due to confidentiality. 

At Illinois, slaughter sow prices were $3 lower with moderate demand for light offerings at $58 to $70.  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 lower at midday – down $.57 at $93.75.  Butts were sharply lower.  Hams are lower and loins were weak.  Ribs, picnics, and bellies were all higher.