Market News

Midday cash livestock markets

Direct cash cattle trade activity remains quiet.  Bids and asking prices still haven’t been established.  Packer inquiry could pick up as the day progresses, but significant trade volume could hold out until sometime Thursday or Friday.  Showlists this week are mixed – higher in Nebraska/Colorado, but lower in Kansas and Texas. 

Boxed beef is higher at midday with good demand for solid offerings.  Choice is $.61 higher at $311.28 and Select is $.33 higher at $300.44.  The Choice/Select spread is $10.84. 

At the Kingsville Livestock Auction in Missouri, steers and heifers were steady to $5 higher on the light test.  The USDA says the majority of the offering was made up of yearlings with a few load lots included.  Demand was moderate to good and supply was light.  Receipts were down on the week and up on the year.  Feeder supply included 64% heifers.  Medium and Large 1 feeder steers 736 pounds brought $264.50.  Medium and Large 1 feeder heifers 656 to 699 pounds brought $256 to $274.50 and feeder heifers 713 to 744 pounds brought $246.85 to $250. 

Cash hogs have no comparison at midday with solid negotiated purchases.  Processors are more aggressive in their procurement efforts and bidding up to move needed numbers.  Demand for U.S. pork on the global market continues to be a bright spot, providing price support.  There are concerns around domestic demand.  Hog weights dropped back again this week to 280.7 pounds, that’s down nearly 2 pounds on the week, but is still five pounds above year-ago levels.  The industry continues to monitor available supplies of market-ready hogs. Barrows and gilts at the National Daily Direct had a base range of $70 to $80 and a weighted average of $78.63; the Iowa/Minnesota had no comparison but a weighted average of $77.88; the Western Corn Belt had no comparison but a weighted average of $78.61.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60, following the $6 decline on Tuesday. At Illinois, slaughter sow prices were steady with moderate demand for heavy offerings at $51 to $63.  Barrows and gilts were steady with moderate demand for moderate offerings at $45 to $55.  Boars ranged from $18 to $28 and $8 to $15. 

Pork values were lower at midday – down $1.54 at $97.28.  Bellies were sharply lower.  Loins, hams, and butts were lower.  Picnics and ribs were higher.