Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet again.  Bids remain elusive.  Asking prices are around $187 to $188 live in the South, but still haven’t been established in the North.  Some packer inquiry could pick up today – it’s quite likely significant trade volume will be delayed until sometime Thursday or Friday.

Boxed beef is mixed at midday with light to moderate demand for solid offerings.  Choice is $2.30 lower at $314.63 and Select is $.45 higher at $301.06.  The Choice/Select spread is $13.57.

At the Kingsville Livestock Auction in Missouri, calves under 500 pounds were too lightly tested for an accurate price trend.  Weaned calves over 500 pounds and yearling were mostly $4 to $10 lower.  The USDA says demand was moderate for moderate supply.  Buyers were more reserved again this week as cattle futures had back-to-back weeks of losses. Receipts were up on the week and the year.  Feeder supply included 51% steers and 75% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 563 to 590 pounds brought $303 to $312 and feeder steers 652 to 689 pounds brought $273.50 to $288.  Medium and Large 1 feeder heifers 623 to 649 pounds brought $264 to $269.50 and feeder heifers 663 to 685 pounds brought $253.50 to $265.25. 

Cash hogs are higher at midday with fairly light negotiated purchases. Processors have been a little more aggressive in their procurement efforts to move needed numbers.  Prices the last couple of days have reflected that.  Demand is crucial to the industry’s success and U.S. pork remains popular on the global market, helping provide price support.  Supplies of market-ready hogs are ample.  Hog weights continue to pull back over the summer months, this week down to 281 pounds, that’s down more than half a pound from last week, but still nearly 4 pounds above year-ago levels. Barrows and gilts at the National Daily Direct were $.28 higher with a base range of $79 to $84.50 and a weighted average of $83.52.  Prices at the Regional Direct Markets were not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets are $3 higher in Dorchester, WI at $69 and steady in Garnavillo, Iowa at $69. At Illinois, slaughter sow prices were $3 higher with moderate demand for moderate offerings at $51 to $63.  Barrows and gilts were steady with moderate demand for moderate offerings at $48 to $58.  Boars ranged from $18 to $28 and $8 to $15.

Pork values were higher at midday – up $.53 at $100.86.  Bellies were sharply higher.  Picnics and ribs were higher.  Butts, hams, and loins were lower.